The Federal Housing Finance Board is moving ahead with a new process for appointing outside directors to the boards of the 12 Federal Home Loan Banks that is designed to be a merit-based system aimed at avoiding political interference.Effective immediately, the new procedures allow the individual FHLBanks to identify two candidates for each public interest director seat and submit their names and qualifications to the Finance Board for approval. The Finance Board reserves the right to approve one candidate or reject both under an interim rule approved Jan. 18. "The process of initially identifying such persons and ascertaining their willingness to serve is best executed by each individual bank," Finance Board Chairman Ronald Rosenfeld said. It is understood that this process is widely supported by the FHLBanks and banking trade groups that represent members of the banks. The Bush administration has blocked appointments for the past three years, and there are currently 57 vacant public interest director seats.
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Elevated delinquency levels have not affected expected losses, however, due to home price appreciation, Fitch Ratings said.
1h ago -
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