The Federal Housing Finance Board is signaling that it may give the Federal Home Loan Banks more time to build up their retained earnings so they won't have to cut their stock dividends by 50%.Finance Board Chairman Ronald Rosenfeld revealed the possible change in response to a congressional inquiry about proposed capital revisions that have sparked widespread opposition from FHLBank members. "Our regulation should not materially alter the value of membership in an FHLBank," Mr. Rosenfeld says in a July 26 letter. "For example, the time allowed each Bank to reach its required level of retained earnings must reflect the need for each Bank to offer value to its members, including members' expectations of a reasonable dividend yield on their investments in the Bank." The letter is addressed to House Financial Services Committee Chairman Michael Oxley, R-Ohio, and Rep. Barney Frank, D-Mass. As originally proposed, the 12 FHLBanks would have three years to meet the new retained earnings requirement, and during that transition period dividends could be cut by 50%.
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Prevention through new building standards and mapping technology aim to keep home insurance rates down but mortgage bankers see challenges.
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The mortgage lender and servicer announced that Ranjit Bhattacharjee, a capital markets veteran, and Kevin Barker, a financial analyst with two decades of experience, have joined its ranks.
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Because of rising home values, more transactions have proceeds over the federal tax exemption, especially in California, a CoreLogic study found.
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Texas Capital Bank wants to bring the Administrative Procedures Act into the case, but Ginnie Mae said the legal proceedings are outside its scope.
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Better's home equity loan product can be originated in a week or less, the company says.
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The top five producers had an average dollar loan volume of more than $140 million in 2023.
April 23