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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Acting CFPB Director Russ Vought has managed to neuter the Consumer Financial Protection Bureau through a series of actions. Senate Banking Committee Chairman Tim Scott, R-S.C., played a major role by cutting funding in half.
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Federal Reserve Chair Jerome Powell said there was a "high degree of unity" among committee members during this week's Federal Open Market Committee vote. Out of 12 FOMC members, 11 voted for a 25 basis point cut.
September 17 -
The Community Home Lenders of America and the Community Associations Institute want the FHA to insure loans on condos approved by Fannie Mae and Freddie Mac.
September 17 -
The Federal Open Market Committee's decision to reduce interest rates for the first time in nine months lifted bank stocks Wednesday. The 25-basis-point reduction could lead to net interest income headwinds now, but loan growth later, analysts said.
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Most lenders said they had already priced in the widely-anticipated decision to cut short-term rates for 30-year home loans but other products will benefit.
September 17 -
The deal for the Class A office building owner will be funded from Rithm's cash as well as liquidity on the balance sheets, plus possible co-investors.
September 17