The Federal Home Loan Bank of San Francisco has received a regulatory waiver to start making grants of up to $25,000 to help low- and moderate-income homeowners refinance out of nontraditional and subprime mortgages and into a fixed-rate 30-year mortgage. FHLBank member banks and thrifts have to put up $2 for every $1 in grant money to participate in the new affordable housing pilot program. The $2 match is to ensure that members take a loss when the principal amount of an underwater mortgage is written down to meet a 97% loan-to-value ratio requirement for the new mortgage. In approving the grant program, Federal Housing Finance Board members stressed that they want the pilot program to provide sustainable mortgages for the borrowers who cannot afford the resets on their current adjustable mortgages. And they don't want the program used to "bail out" lenders that made bad loans. Other FHLBanks are expected to seek similar waivers, and the Finance Board plans to issue an interim rule for public comment.
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Pricey insurance, expensive maintenance, and struggles with financing are all weighing down the condo market, with Florida and Texas feeling it the most.
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The National Credit Union Administration, operating with just one board member, has liquidated two credit unions that were recently put into conservatorship. The failures are the first credit union failures since Democrats on the board were fired, leaving Republican Chair Kyle Hauptman.
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The new integration supports the upcoming Uniform Appraisal Dataset 3.6, which becomes available in September, with mandatory use 14 months later.
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The prime jumbo RMBS transaction is collateralized by 402 residential mortgage loans.
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The Senate version makes permanent the mortgage interest and mortgage insurance premium reductions, removes the revenge tax but also cuts CFPB funding.
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