Banks and thrifts borrowed $53 billion in advances from their Federal Home Loan Banks in September, down from $110 billion in August at the height of the credit crunch.Members of the Boston FHLBank borrowed $13.3 billion in advances last month. The New York FHLBank reported that its advances were up $8 billion, and the Cincinnati FHLBank experienced a $1.8 billion increase in advances. The heaviest borrowing activity is expected to be at the San Francisco FHLBank, which made $53 billion in advances during July and August. However, a spokeswoman for the bank said it does not plan to disclose the September advances until it reports third-quarter results. As of Sept. 30, the 12 FHLBanks held $822 billion in advances, up 28.4% from the level recorded as of June 30. Demand for advances was relatively flat during the first six months of the year.
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A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
6h ago -
Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
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While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
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The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
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Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
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The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
11h ago