The Federal Home Loan Bank of Cincinnati has resubmitted an application for registering its stock with the Securities and Exchange Commission after revaluing certain hedging transactions and determining that it should not have to restate earnings."We don't have to restate," bank spokesman John Byczkowsi said. After using the SEC's preferred "long-haul" approach to assessing the effectiveness of its convertible-rate advance hedging transactions, the Cincinnati bank determined that it would only have to make a small adjustment to its earning going back to 2001. "As of October 1, 2005, the FHLBank recorded the cumulative effect adjustment, an increase of $1.7 million to net income," according to its filing with the SEC. If the SEC does not raise any issues about the bank's application by Feb. 3, Cincinnati will become the fourth of the 12 FHLBanks to complete the SEC registration process, which was mandated by the Federal Housing Finance Board. The Cincinnati bank originally filed a registration application in June, but withdrew it in August after the SEC a raised number of issues regarding its application of hedge accounting under Financial Accounting Standard 133.
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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.
1h ago -
The push comes amid what one expert highlighted as lax funding efforts for two Department of Housing and Urban Development grant programs.
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Conventional lending drove volumes higher, particularly in the purchase market, the Mortgage Bankers Association said.
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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 -
In a motion to dismiss UWM's suit, Ramon Walker argues the trademark infringement claim made by UWM is a "pretext to muzzle [his] criticism."
April 16 -
The Federal Reserve chair's comments coincide with the spring meeting of the International Monetary Fund and the World Bank Group in Washington. They also come as groups like the Basel Committee on Banking Supervision are being scrutinized.
April 16