Federal Deposit Insurance Corp. Chairman Sheila Bair said Wednesday that mortgage wholesalers "need to know" who they are doing business with and blamed the subprime crisis partly on unregulated loan brokers.Speaking before a New York Bankers Association meeting in Washington, Ms. Bair -- in response to a question from the audience -- said brokers "are a big chunk of the problem but we don't regulate brokers." Of the three largest subprime wholesalers in the United States -- Countrywide Home Loans, HSBC Finance, and Option One -- two (Countrywide and HSBC) are depositories, but just HSBC is regulated by the FDIC. On July 16, the FDIC's Advisory Committee on Economic Inclusion will explore the subprime mortgage crisis. One panel will be devoted to the role loan brokers played in the mess.
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According to the Federal Reserve Board's latest financial stability report, persistent inflation and policy uncertainty are the primary worries for banks. Survey respondents expressed heightened anxiety over murky policy outlooks due to geopolitical turmoil and rapidly approaching domestic elections.
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Leaders of ORNL Federal Credit Union are piloting Zest AI's new artificial intelligence-powered assistant to ensure equitable underwriting practices and measure performance against similar institutions.
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McCargo stabilized the agency at a crucial time as she helped navigate it through both a pandemic and subsequent dramatic interest-rate cycle change.
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The quasi-public entity's plan to buy certain closed-end seconds would constitute "unnecessary government encroachment," the Structured Finance Association said.
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The mortgage subsidiary of Hilltop Holdings posted another quarterly loss and volume slipped, but management also sees signs of optimism.
April 19 -
The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
April 18