The Federal Home Loan Bank of Chicago reported second-quarter earnings of $54 million, down 23% from the second quarter of 2005.The bank blamed lower interest income due to the flattening of the yield curve for the drop in earnings, including a $28 million drop in interest income from its Mortgage Partnership Finance program. The bank's MPF loan portfolio declined by $2.2 billion during the second quarter to $39.8 billion, and it's likely to see further runoff because it is operating under a supervisory agreement and capital constraints. The bank repurchased $1 billion in capital stock in the second quarter, including $795 million in voluntary stock and $205 million in capital stock by institutions that terminated their membership. The Chicago bank wants to develop "off-balance-sheet capabilities" for funding mortgage purchases. "We have not yet submitted a new business activity notice to the Federal Housing Finance Board," the bank said in its second quarter securities filing.
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Ohio-based Liberty Home Mortgage joins several companies who started using a more modernized FICO credit score for nonconforming mortgage originations recently.
11h ago -
The CFPB has dissolved the Office of Supervision, Enforcement and Fair Lending and eliminated the job of associate director in a move that impacts how it designates nonbanks for supervision.
April 17 -
The plan that the Federal Housing Finance Agency floated calls for Freddie Mac to actively invest in some new closed-end seconds as cash-out refinancing subsides.
April 17 -
The push comes amid what one expert highlighted as lax funding efforts for two Department of Housing and Urban Development grant programs.
April 17 -
Conventional lending drove volumes higher, particularly in the purchase market, the Mortgage Bankers Association said.
April 17 -
Net charge-offs at the Charlotte, North Carolina-based bank increased by more than 80% in the first quarter compared with a year earlier. BofA executives say that the rising losses were in line with the bank's risk appetite.
April 16