The Seattle Federal Home Loan Bank is trying to generate support among various trade groups for its application to start a mortgage-backed securities program, which has been pending before the Federal Housing Finance Board since July 20."I anticipate we will weigh in with the Finance Board," said American Bankers Association senior counsel Joe Pigg. "We have been getting positive feedback from our members." The MBS program would allow the Seattle bank to purchase highly rated senior MBS tranches from member banks and thrifts, with the option to resell the securities into the capital markets. Seattle FHLBank officials also briefed the Independent Community Bankers of America about the MBS program, but the trade group still has a lot of questions about the proposal, according to ICBA director Ann Grochala. "We are looking at how it would benefit small community bankers," Ms. Grochala said. "We want to know if it is just for the largest members." America's Community Bankers has not taken a position, either. The trade groups are sponsoring a forum on FHLBank issues in Washington Sept. 14-15, which is closed to the press. Seattle FHLBank executive vice president David Bley is scheduled to make a presentation about the MBS program.
-
While home lenders are seeing a decrease in issues coming through mobile channels, phone fraud spiked last year, accounting for 28% of losses, a new report found.
1h ago -
The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
April 24 -
The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
April 24 -
Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
April 24 -
A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
April 24 -
The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
April 24