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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A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
July 11 -
Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
July 11 -
While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
July 11 -
The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
July 11 -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
July 11 -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
July 11