The Seattle Federal Home Loan Bank has received regulatory approval to use existing excess stock to capitalize advances so that member banks and thrifts don't have to purchase additional stock in the troubled FHLBank.As approved by the Federal Housing Finance Board, members can tap a shared pool of about $350 million in excess stock when borrowing from the FHLBank during the next two years. Members are generally required to meet a stock purchase requirement when borrowing advances. But the Seattle bank is having a hard time selling stock (with a five-year redemption period) since it suspended dividend payments. By using excess stock, the Seattle bank hopes to increase its advance business and rebuild its earnings. Since the start of the year, advances increased by $5.5 billion to $26.9 billion as of June 30. The Seattle FHLBank has been operating under a supervisory agreement since December 2004.
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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