The Federal Home Loan Bank of Chicago earned $197.5 million in net income for the first three quarters of this year, down 34% from that of the same period in 2004, according to an application filed by the Chicago bank to register its stock with the Securities and Exchange Commission.The Chicago FHLBank, which continues to operate under a supervisory agreement, blamed the decline in earnings "primarily" on the increase in short-term interest rates this year, along with declines in its advance and mortgage purchase business. The Boston, New York, and San Francisco FHLBanks have registered their stock with the SEC, and the Cincinnati FHLBank recently filed an application to register. "This is an important step in the completion of the registration process," said Mike Thomas, president and chief executive of the Chicago bank. The $83 billion Chicago FHLBank held $43.4 billion in Mortgage Partnership Finance loans as of Sept. 30, and approximately $500 million of the conventional MPF loans are located in the Gulf Coast states hit by hurricanes Katrina and Rita. The Chicago bank said it does not believe its losses will be material, but it is still working with a master servicer and the originating institutions to develop a loss estimate.
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The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
April 18 -
In a Senate hearing, Director Sandra Thompson said a raise to the required income threshold provided to affordable housing was on the table, while housing regulators also faced questions related to property insurance hikes and title insurance waivers.
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The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
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The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
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But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
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The top five producers had an average dollar volume of FHA loans of more than $50 million in 2023.
April 18