The Eleventh Federal Home Loan District Cost of Funds Index is poised to break the 3% barrier, a level it has not exceeded since December 2001.According to the Federal Home Loan Bank of San Francisco, the index for September stood at 2.972%, up 10 basis points from August's 2.870. Given that the Federal Reserve Board is likely to continue its pattern of 25-basis-point hikes in the federal funds rate, it is likely that COFI will continue to rise and surge over the 3% level. COFI is a weighted average of the cost of the money that thrifts in California, Arizona, and Nevada use to originate mortgage loans. COFI stood at 3.074% for December 2001, during a period of rapid declines in the index.
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The head of the government-sponsored enterprises' oversight agency also asked existing investors to review risk factors as officials eye a new public offering.
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More than 4,000 federal workers received notices Friday that their last day will be Dec. 9.
October 15 -
America's second-largest bank revised its net interest income target upward after what analysts called a "clean" third quarter.
October 15 -
The megalender is accusing a nearby brokerage of skirting labor laws and avoiding significant overhead costs in misclassifying hundreds of employees.
October 15 -
The new platform already counts two businesses as embedded partners, with the rollout coming as mortgage leaders see rising demand coming for DSCR loans.
October 15 -
Federal Reserve Governor Stephan Miran said the economic standoff with China could increase market volatility, further necessitating the central bank to move its policy stance to neutral.
October 15