The Federal Home Loan Bank of Pittsburgh reported second quarter earnings of $53.9 million, up sharply from the second quarter of 2005 when derivative losses due to its mortgage hedging activities dragged down earnings to $7.4 million.The $74.7 billion-asset FHLBank also reported that the National City Bank of Pennsylvania -- its largest supplier of single-family mortgage -- terminated its membership on July 22. NCBP-originated mortgages make up 90% of the FHLBank's $7.4 billion mortgage portfolio. The Pittsburgh FHLBank currently is carrying a $680,000 allowance for possible mortgage loan losses. As a result of a charter consolidation, National City Bank, Cleveland, has branches in seven states and it has retained its membership in the Cincinnati FHLBank, which also has a mortgage purchase program. Over 50% of the Cincinnati FHLBank's mortgage portfolio is comprised of NCB loans.
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Elevated delinquency levels have not affected expected losses, however, due to home price appreciation, Fitch Ratings said.
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Retail lenders, including Beeline, Tomo Mortgage and Rocket Mortgage, settled with the department over infractions like submitting a false certification to not having the proper liquidity to be in the program.
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A pair of bills, one with bipartisan support, look to address the issues around heirs' property so these families can have clear title on their homes.
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The agreement, in which the real estate giant admits no wrongdoing, will cover around 70,000 agents.
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Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
April 25 -
Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
April 25