The Federal Home Loan Bank of Seattle, at year-end, had a $260 million "unrealized loss" on its balance sheet, according to company records.If the losses are realized at that amount, it would wipe out 13% of its $2 billion in capital, according to calculations by MortgageWire. A spokesman for the bank cautioned that the unrealized losses are just that, and could shrink or grow in size over time. The spokesman said the figure "is a snapshot at a point in time," reflecting a mismatch between the FHLBank's assets and liabilities. Meanwhile, the Seattle GSE reported a 42% drop in 2004 earnings, and has stopped purchasing mortgage loans under a restructuring plan that calls for a 25% reduction in staff. The Seattle bank warned that it "anticipates minimal to no dividends for its members" over the next few years and "may report net loss for some financial reporting periods." The troubled bank, which has been operating under a supervisory agreement since Dec. 10, filed a business/capital plan April 5 with its regulator, the Federal Housing Finance Board.
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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