The Federal Home Loan Bank of New York is boosting its dividend to 8.05% after experiencing a 23% surge in borrowings in the third quarter.Members of the New York FHLBank increased their borrowings by $6.5 billion in August, when the subprime meltdown finally hit Wall Street and sparked a credit crunch. Members borrowed another $8 billion in advances in September. As of Sept. 30, the New York bank had $75.1 billion in outstanding advances, up 27% from the level at the start of the year. Over 70% of member banks and thrifts turned to the FHLBank's advance window this year. "This significant increase in advances demonstrates the important role we play as we help members serve their communities regardless of the economic environment. Critics, who have forgotten the importance of the assured liquidity mission of the Home Loan Banks, now have a mnemonic," NY FHLBank president Alfred DelliBovi said. The bank paid a 7.5% dividend in the second quarter.
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A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
6h ago -
Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
9h ago -
While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
11h ago -
The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
11h ago -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
July 11 -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
July 11