The Federal Housing Finance Board is not trying to penalize the Federal Home Loan Banks for failing to register with the Securities and Exchange Commission by reviewing dividend payments, according to one Finance Board insider.The Finance Board is satisfied with the banks' efforts to register, the insider told MortgageWire. However, the board wants to consult with the FHLBanks before paying dividends to ensure that they don't violate certain statutory requirements. The insider also noted that the board did not extend the Aug. 29 deadline for registering because the board members have no idea how long it will take the FHLBanks to resolve certain derivative hedge accounting (FAS 133) issues. "It made no sense to set another deadline," the insider said. "The SEC keeps raising FAS 133 issues, even though it is unlikely to have any material impact on capital." In the past two weeks, several FHLBanks have announced that they will not be able to meet the Aug. 29 deadline because the SEC has objected to their use of a "short-cut" accounting method under FAS 133. The Cincinnati and Chicago FHLBanks said Aug. 25 that they are withdrawing their securities registration applications because of ongoing discussions with the SEC over the use of the short-cut method on hedges involving certain advances. However, the San Francisco FHLBank became the first bank to complete the registration process by filing its second-quarter financial statement Aug. 25 with the SEC.
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The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
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In a Senate hearing, Director Sandra Thompson said a raise to the required income threshold provided to affordable housing was on the table, while housing regulators also faced questions related to property insurance hikes and title insurance waivers.
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The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
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The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
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But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
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The top five producers had an average dollar volume of FHA loans of more than $50 million in 2023.
April 18