The Federal Housing Administration might be a better agency for helping subprime borrowers than the government-sponsored enterprises Fannie Mae and Freddie Mac, according to Federal Reserve Board Chairman Ben Bernanke."Congress might wish to consider FHA reforms that allow the agency more flexibility to design new products and to collaborate with the private sector in facilitating the refinancing of creditworthy subprime borrowers facing large resets," Mr. Bernanke says in a letter to Sen. Charles E. Schumer, D-N.Y. The Fed chairman noted that the GSEs' current programs can only help a relatively small share of subprime borrowers. "The GSEs should be encouraged to provide products for subprime borrowers to the extent permitted by their charters," he says. Mr. Bernanke also says the GSEs should be encouraged to "increase their mortgage securitization efforts, which are not constrained by their portfolio caps."
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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.
April 19 -
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