Norman Rice will retire as president and chief executive of the Seattle Federal Home Loan Bank after the bank submits a three-year capital and business plan to its regulator.The Seattle bank, which operating under a supervisory agreement, announced that its president will step down on March 15. Mr. Rice was the mayor of Seattle before joining the Seattle Bank six years ago. Until an interim CEO is named, executive vice president David Bley will lead the bank's management team. The Seattle Bank developed the Mortgage Purchase Program during Mr. Rice's tenure, but the bank has seen its profits shrink. The FHLBank entered into a supervisory agreement with the Federal Housing Finance Board on Dec. 10. The bank is "on track" to submit its capital and business plan to the Finance Board by Feb. 28, Mr. Daly 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.
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The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
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But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
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The top five producers had an average dollar volume of FHA loans of more than $50 million in 2023.
April 18