Legislative efforts to get the Federal Home Loan Banks involved in mortgage securitization has the potential to "destroy" the Federal Home Loan Bank System, according to the president of the New York FHLBank."Securitization would involve opening up the charters of the government-sponsored enterprises -- a wrong path at the wrong time," New York FHLBank president Alfred DelliBovi told the New Jersey Bankers Association. The Mortgage Bankers Association and the National Association of Home Builders are pushing an amendment that would allow the FHLBanks to guarantee and issue mortgage-backed securities, and they want to attach it to a GSE regulatory reform bill. Mr. DelliBovi also announced that the New York FHLBank is limiting its purchases of mortgage loans under the Mortgage Partnership Finance program. Effective immediately, the bank has limited deliveries of MPF loans from each member bank and thrift to $100 million annually. The FHLBank said few of its members originate more than $100 million in MPF loans a year, and that it will honor existing commitments for larger deliveries until they expire.
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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.
5h ago -
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.
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While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
10h ago -
The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
10h ago -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
10h ago -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
11h ago