Examiners are taking a sharp look at national banks with high concentrations of construction and development loans in declining markets, according to the comptroller of the currency, who expects to see some bank failures this year. "There will be more criticized assets, increases to loan loss reserves; and more problem banks," Comptroller John Dugan told the Florida Bankers Association. "And yes, there will be an increase in bank failures." The comptroller noted that large and small homebuilders are under stress, and the percentage of nonperforming C&D loans 90 days or more past due in Florida is 3.34% -- up 70% from a year ago. "We see clear signs of credit quality declining," and bank management needs to make "realistic assessments" of their portfolio's current conditional and get new appraisals, Mr. Dugan said.
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House Republicans overcame internal divisions to narrowly pass President Trump's tax and spending package Thursday afternoon. The measure would cut the Consumer Financial Protection Bureau's funding level, among other provisions.
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A labor shortage is costing the market tens of thousands of new homes per year, and tariff uncertainty is adding thousands of dollars in expenses per unit.
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The pace of revenue growth slowed toward the end of 2024, with the trend continuing into the first three months of this year, NAHB reported.
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Capital One closed the deal to buy the credit card provider in May and as part of the review process, decided to exit its home equity lending business.
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The 10 basis point decline in the 30-year fixed mortgage was the most since March and the first time rates are below 6.7% since April, Freddie Mac said.
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The firm, now going by Fairway Home Mortgage, said the change is a representation of plans to create a "connected ecosystem."
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