The 12 Federal Home Loan Banks posted $621 million in total earnings for the first quarter, up slightly from the $619 million recorded a year earlier, according to a report by the FHLBanks' Office of Finance.The unaudited results show that the FHLBanks have $1.020 trillion in combined assets, and advances to member banks and thrifts totaled $624 billion as of March 31, representing 61.2% of total assets. The chief investments of the FHLBanks are mortgage-backed securities, overnight and term federal funds sold, commercial paper, and securities issued by government-sponsored enterprises, the Office of Finance said. The agency can be found online at http://www.fhlb-of.com.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
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The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
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Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
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A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
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The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
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The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
April 24