Federal banking regulators are seeking more information about nontraditional mortgage products, and all banks will be required to report their holdings of one- to four-family loans with negative amortization features starting with the first-quarter 2007 call report.The regulators are also proposing additional reporting requirement for banks with large exposures. They might have to report the total maximum remaining amount of negative amortization contractually permitted on interest-only and payment-option ARMs and the total amount of negative amortization that is included in the carrying amount of these loans. The additional reporting requirements would be phased in, and the regulators are seeking comments on the appropriate reporting thresholds. "The banking agencies request comment on the specific dollar amount and percentage of loans that should be used in setting the size threshold," says the joint notice and request for comments.
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Government officials confirmed the California Democrat is under scrutiny over a long-held Maryland property he designated as a second home in 2020.
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Credit availability declined in June as the job market and rising delinquency figures have some lenders concerned, the leading mortgage trade group said.
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The Ocean State is the latest to enact rules prohibiting the agreements that end up tying older homeowners to long-term contracts with real estate brokers.
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CEO Robin Vince refused to comment on "rumors or speculation" about a potential merger between the custody banking giant and its smaller rival, Northern Trust. He also said that the bar for BNY to engage in M&A is "very high."
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House Financial Services Committee Chairman French Hill promised to begin combing through Dodd-Frank to find areas for deregulation, while the panel's ranking member made it clear that Democrats would fight for the Consumer Financial Protection Bureau.
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Gain on sale at JPMorgan Chase fell by 5 basis points in the second quarter, which could be a slightly adverse sign for mortgage banker results, KBW said.
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