Federal Reserve Chairman Alan Greenspan is concerned that the banking industry may forget how bad credit judgments, especially in areas like real estate, led to the demise of thousands of banks between 1985 and 1992, he told attendees Tuesday at the American Bankers Association's conference in New York.Mr. Greenspan urged banks to use effective credit risk management strategies, including the use of securitization and derivatives, and to remember that "accepting narrow or nonexistent spreads in order to retain market share is a losing strategy." He indicated that lenders have done a good job of managing risk so far but that he is concerned about the future. The Federal Reserve can be found online at http://www.federalreserve.gov.
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The plan that the Federal Housing Finance Agency floated calls for Freddie Mac to actively invest in some new closed-end seconds as cash-out refinancing subsides.
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The push comes amid what one expert highlighted as lax funding efforts for two Department of Housing and Urban Development grant programs.
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Conventional lending drove volumes higher, particularly in the purchase market, the Mortgage Bankers Association said.
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Net charge-offs at the Charlotte, North Carolina-based bank increased by more than 80% in the first quarter compared with a year earlier. BofA executives say that the rising losses were in line with the bank's risk appetite.
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In a motion to dismiss UWM's suit, Ramon Walker argues the trademark infringement claim made by UWM is a "pretext to muzzle [his] criticism."
April 16 -
The Federal Reserve chair's comments coincide with the spring meeting of the International Monetary Fund and the World Bank Group in Washington. They also come as groups like the Basel Committee on Banking Supervision are being scrutinized.
April 16