Federal banking regulators are reminding financial institutions to continue to exercise forbearance for hurricane victims along the Gulf Coast who are still waiting for insurance payments and other financial assistance."Given the extent of the devastation caused by Hurricane Katrina, many uncertainties remain," and "some customers may need additional time to resolve financial uncertainties related to the effects of the hurricane," the regulators say in a letter to examiners and bankers in Alabama, Louisiana, and Mississippi. The letter stresses that previously issued Katrina guidance remains in effect. "Effective loan workout and recovery programs may involve protracted resolutions, but should be ultimately targeted toward loan repayment," the reminder says. The regulators are issuing the reminder in response to a request by House Financial Services Committee members.
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The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
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In a Senate hearing, Director Sandra Thompson said a raise to the required income threshold provided to affordable housing was on the table, while housing regulators also faced questions related to property insurance hikes and title insurance waivers.
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The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
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The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
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But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
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The top five producers had an average dollar volume of FHA loans of more than $50 million in 2023.
April 18