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Home | Tag Archives: Federal Home Loan Banks

Tag Archives: Federal Home Loan Banks

Credit Union Group Opposes Revision to FHLBank Membership Requirements


NAFCU's complaint stems from a provision of the proposed rule that would require FHLB members and applicants to keep 1 percent of assets in home mortgage loans. Current members would also be required to hold at least 10 percent of assets in residential mortgage loans on an ongoing basis as opposed to just at the time of application, as the current rule requires.

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Report: Fed Paid Record $98.7 Billion to Treasury in 2014


Preliminary unaudited results indicate that the Federal Home Loan Banks of the U.S. Federal Reserve Board paid a record amount of approximately $98.7 billion out of their 2014 estimated net income of $101.5 billion to the U.S. Department of Treasury, according to an announcement from the Fed on Friday.

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FHFA Approves Merger Application for Federal Home Loan Banks of Des Moines, Seattle


The Federal Housing Finance Agency (FHFA) has approved the merger application for the Federal Home Loan Banks of Des Moines and Seattle that was submitted on October 31, 2014, according to a press release. The historic voluntary merger between two FHLBanks is subject to satisfaction of specific closing conditions the FHFA approval letter set forth, including the receipt of approvals by members of both the Des Moines and Seattle Banks.

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Senators Ask FHFA to Revisit FHLBank Membership Requirements


Twenty-seven senators have signed a letter addressed to Federal Housing Finance Agency (FHFA) Director Mel Watt asking him to reconsider the stricter membership requirements for the Federal Home Loan Banks the Agency proposed in September. The changes to membership requirements outlined by Watt in a speech at the FHLBank Director's Conference on September 2 require members to hold 1 percent of their assets in home mortgage loans (HML) on an ongoing basis, whereas the previous rule requires members to demonstrate this only at the time of their application and not at any time afterward

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FHFA Introduces Initiative to Protect Against Fraud

As an additional measure against fraud, the FHFA announced an initiative requiring Fannie Mae, Freddie Mac, and the Federal Home Loan (FHL) Banks to notify the agency when an act of fraud is committed by an individual or company the regulated entities conduct business with. The initiative is called the Suspended Counterparty Program and will take effect August 15, 2012. The FHFA stated it is taking this additional step to ensure the regulated companies are not exposed to unnecessary risk from business dealings involving those who have a history of fraudulent conduct.

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GSEs Will Continue Reporting Credit Losses: FHFA

Fannie Mae and Freddie Mac have and will continue to realize credit losses due to mortgages originated years before the conservatorship when the GSEs were deemed critical supervisory concerns, FHFA stated in its annual Report to Congress. In 2011, Fannie and Freddie borrowed $33.6 billion from Treasury, an increase from the year before when $28 billion was drawn. Of the $33.6 billion, $16.1 billion was used to fund dividend payments back to Treasury. The losses leading to the $17.5 billion drawn from Treasury were due to business decisions made by the GSEs in the pre-conservatorship days. Overall, the GSEs have drawn $187.5 billion from Treasury as of the end of 2011.

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AIG Files Suit Against BofA While Opposition to Settlement Continues

American International Group Inc. (AIG) filed a lawsuit Monday against Bank of America claiming the bank's subsidiaries, Countrywide and Merrill Lynch, withheld information from its investors regarding loan quality. AIG hopes to secure more than $10 billion from BofA to recover losses resulting from the alleged non-disclosures. The insurance company accuses BofA of giving investors a false account of the performance of its residential mortgage-backed securities. BofA maintains that AIG is responsible for its own losses and rejects AIG's accusations of fraud.

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