As the Federal Housing Finance Board prepares to meet Dec. 22, two Democratic congressmen are pressuring the five board members to quickly appoint a full slate of public interest directors for the 12 Federal Home Loan Banks.The incoming House Financial Services Committee chairman, Rep. Barney Frank, D-Mass., and Rep. Paul Kanjorski, D-Pa., are particularly concerned that all the public interest director seats will be vacant after Dec. 31. These independent directors constitute 40% of the FHLBank boards of directors. "We are eager to see all these seats filled as quickly as possible," the two congressmen say in a letter to each of the five Finance Board members. While the Bush administration has blocked the appointment of public interest directors, the letter warns that the Finance Board is responsible for making the appointments under the law and that the regulator "must implement the law." At the meeting, the Finance Board also will take up a controversial capital proposal regarding retained earnings and excess stock that raised considerable industry opposition. The board is expected to withdraw the rules and issue guidance that is more acceptable to FHLBank members, according to sources.
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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.
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The top five producers had an average dollar volume of VA and USDA loans of more than $35 million in 2023.
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While income decreased from the fourth quarter, it accelerated on an annual basis across NVR's building and lending units.
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Many legal experts think the Supreme Court will rule in favor of the Consumer Financial Protection Bureau in a case challenging its funding. Such a ruling would unleash a flurry of litigation that has been on hold pending the outcome of the constitutional challenge.
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Prevention through new building standards and mapping technology aim to keep home insurance rates down but mortgage bankers see challenges.
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The mortgage lender and servicer announced that Ranjit Bhattacharjee, a capital markets veteran, and Kevin Barker, a financial analyst with two decades of experience, have joined its ranks.
April 23