The Federal Home Loan Bank of Seattle has picked former thrift regulator James E. Gilleran to lead the troubled government-sponsored enterprise.Mr. Gilleran, who served as director of the Office of Thrift Supervision for four years, will start June 1. He left the OTS in late April. The Seattle bank has $260 million in unrealized losses on its balance sheet and anticipates that it could lose money over the next few years. It recently suspended all dividend payments on its stock and fired two directors whose depositories engaged in questionable FHLBank stock sales. Mr. Gilleran, though, is hopeful. "While the bank is facing significant challenges, it appears to be making good progress toward improving its regulatory and financial position," he said. Mr. Gilleran replaces interim president James Faulstich, who came out of retirement to help the Seattle bank devise a new capital and rescue plan. Mr. Faulstich replaced Norman Rice, a former Seattle mayor, who was ousted by the board earlier this year.
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House Republicans overcame internal divisions to narrowly pass President Trump's tax and spending package Thursday afternoon. The measure would cut the Consumer Financial Protection Bureau's funding level, among other provisions.
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A labor shortage is costing the market tens of thousands of new homes per year, and tariff uncertainty is adding thousands of dollars in expenses per unit.
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The pace of revenue growth slowed toward the end of 2024, with the trend continuing into the first three months of this year, NAHB reported.
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Capital One closed the deal to buy the credit card provider in May and as part of the review process, decided to exit its home equity lending business.
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The 10 basis point decline in the 30-year fixed mortgage was the most since March and the first time rates are below 6.7% since April, Freddie Mac said.
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The firm, now going by Fairway Home Mortgage, said the change is a representation of plans to create a "connected ecosystem."
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