HUD: $5 Million Awarded to Support Safety and Security in Public Housing
25 Public Housing Authorities in 15 states to address increases in crime In an effort to address emergency, safety and security needs and fight crime at public housing properties, the U.S. Department of Housing and Urban Development (HUD) today awarded $5 million to 25 local agencies in 15 states. Funded through HUD’s Capital Fund Emergency…
SBA: Administrator Addresses Federal Regulatory Reform; Small Businesses Encouraged to Comment on SBA Regulations
Administrator Linda McMahon, head of the U.S. Small Business Administration, today encouraged small businesses to comment on the Federal Register notice posted earlier this month. The notice is in response to President Trump’s Executive Order 13777 which aims to ease the burdens placed on America’s small businesses. Under this Executive Order all federal agencies are…
CFPB: Report Warns that Taking out a Reverse Mortgage Loan can be an Expensive Way to Maximize Social Security Benefits
WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) today issued a report warning older consumers about taking out a reverse mortgage loan in order to bridge the gap in income while delaying Social Security benefits until a later age. The CFPB report found, in general, the costs and risks of taking out a reverse mortgage…
CFPB: What you Need to Know about the New FFIEC HMDA Examiner Transaction Testing Guidelines
Today, the Federal Financial Institutions Examination Council (FFIEC) members announced new FFIEC Home Mortgage Disclosure Act (HMDA) Examiner Transaction Testing Guidelines (Guidelines) for all financial institutions that report HMDA data. The Guidelines will apply to the examination of HMDA data collected beginning in 2018 and reported beginning in 2019. The Guidelines will help ensure accurate…
FHFA: Modifications Announced to High LTV Streamlined Refinance Program and Extension of HARP through December 2018
The Federal Housing Finance Agency (FHFA) today announced modifications to the streamlined refinance program for borrowers with high loan-to-value (LTV) ratios. On August 25, 2016, FHFA announced that Fannie Mae and Freddie Mac (the Enterprises) would implement a High LTV Streamlined Refinance program to provide much-needed liquidity for borrowers who are current on their mortgage…
Federal Reserve: The Effect of Interest Rates on Home Buying
The Effect of Interest Rates on Home Buying: Evidence from a Discontinuity in Mortgage Insurance Premiums (PDF) Neil Bhutta and Daniel Ringo We study the effect of interest rates on the housing market by taking advantage of a sudden and unexpected price change in a large government mortgage program. The Federal Housing Administration (FHA) insures…
CDFI Fund: More than $18.6 Million in Bank Enterprise Awards Announced for Investment in Low-Income Communities
Today, the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) announced more than $18.6 million in awards to 102 FDIC-insured financial institutions serving economically distressed communities across the nation. These funds, awarded under the fiscal year (FY) 2016 round of the Bank Enterprise Award Program (BEA Program), will support community and…
CFPB: Too Many Student Loan Borrowers Struggling, Not Enough Benefitting from Affordable Repayment Options
For five years, we’ve heard from borrowers like you about the problems you encounter when repaying student debt, particularly when you run into trouble and need help finding a way to make ends meet. Today, we released a new report showing how student loan repayment has changed over the last 15 years. In our report,…
ABA: Foundation Seeking Banks to Host 8th Annual Lights, Camera, Save! Video Contest
WASHINGTON — The American Bankers Association Foundation is urging local banks to participate in its Lights, Camera, Save! video contest. Lights, Camera, Save! is a national contest that encourages teens to use video to communicate the value of sound money management. Through Lights, Camera, Save!, teen participants will create up to a 90-second video that…
SBA: Grants Awarded to 21 State and Local Economic Development Entities, SBDCs, and Universities to Support R&D Commercialization and Small Business Innovation
The U.S. Small Business Administration has granted up to $125,000 awards in FY 2017 to 16 Federal and State Technology (FAST) Partnership Program recipients including state and local economic development entities, small business development centers, colleges and universities and up to $200,000 awards to five Small Business Technology Development Centers (SBTDCs) that provide support to…