Standard & Poor's has raised the counterparty credit rating of the Federal Home Loan Bank of New York, assigned a negative outlook to the FHLBank of Des Moines, and revised from negative to stable the outlooks for the FHLBanks of Dallas and Pittsburgh.The counterparty credit rating of the FHLBank-NY was raised from AA-plus/A-1-plus to AAA/A-1-plus, S&P reported. The counterparty credit rating of the Des Moines (Iowa) FHLBank was removed from CreditWatch, but its outlook is negative, the rating agency said. The counterparty credit ratings of the Dallas and Pittsburgh FHLBanks were affirmed, in addition to the upward revision of their outlooks. The ratings on the other eight FHLBanks were affirmed, as was the AAA rating on the consolidated obligations of the FHLBank System. In a Sept. 21 letter to stockholders, FHLBank-NY president Alfred A. DelliBovi noted that S&P had lowered its counterparty credit rating in 2003 because of a loss related to the sale of approximately $1 billion of securities collateralized by manufactured housing receivables. The upgrade "reflects the success of [the bank's] strategy to rebuild retained earnings and the continuation of a low-risk profile," he said.
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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.
April 18 -
The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
April 18 -
But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
April 18 -
The top five producers had an average dollar volume of FHA loans of more than $50 million in 2023.
April 18