OCC: Verison 2.0 of Lease Financing Booklet Released
The Office of the Comptroller of the Currency (OCC) today issued version 2.0 of the “Lease Financing” booklet of the Comptroller’s Handbook. This booklet discusses risks and risk management practices associated with lease financing. This booklet also provides examiners with a framework for evaluating a bank’s1 lease financing activities. Rescissions The revised booklet replaces version 1.2 of…
OCC: Mortgage Performance Report for Second Quarter 2023 Released
The Office of the Comptroller of the Currency (OCC) reported on the performance of first-lien mortgages in the federal banking system during the second quarter of 2023. The OCC Mortgage Metrics Report, Second Quarter 2023 showed that 97.3 percent of mortgages included in the report were current and performing at the end of the quarter, compared with…
CFPB: Mortgage Report Finds Jumps in Closing Costs and Denials for Insufficent Income; Growing Proportion of Cash-Out Refinances
Overall mortgage lending falls amid significant rise in interest rates and discount points Today, the Consumer Financial Protection Bureau (CFPB) released its annual report on residential mortgage lending activity and trends. In 2022, mortgage applications and originations declined markedly from the prior year, while rates, fees, discount points, and other costs increased. Overall affordability declined…
HUD and Census Bureau: New Residential Sales Report Released for August 2023
The U.S. Department of Housing and Urban Development (HUD) and the U.S. Census Bureau jointly announced the following new residential sales statistics for August 2023: New Home SalesSales of new single‐family houses in August 2023 were at a seasonally adjusted annual rate of 675,000, according to estimates released jointly today by the U.S. Census Bureau…
HUD: Tribal Intergovernmental Advisory Committee Convenes in Tucson, AZ
On September 27th and 28th, U.S. Department of Housing and Urban Development (HUD) Deputy Secretary Adrianne Todman, Principal Deputy Assistant Secretary for the Office of Public and Indian Housing (PIH) Richard Monocchio, and other HUD senior officials will be hosted by the Tohono O’odham Nation in Tucson, Arizona for HUD’s Tribal Intergovernmental Advisory Committee (TIAC) meeting….
FHFA: House Price Index Up 0.8 Percent in July 2023; Up 4.6 Percent from Last Year
U.S. house prices rose in July, up 0.8 percent from June, according to the Federal Housing Finance Agency (FHFA) seasonally adjusted monthly House Price Index (HPI®). House prices rose 4.6 percent from July 2022 to July 2023. The previously reported 0.3 percent price increase in June was revised upward to a 0.4 percent increase. For the nine census divisions,…
EDA: $16.1 Million Invested to Boost Business and Job Growth in California
Today, U.S. Secretary of Commerce Gina Raimondo announced the Department’s Economic Development Administration (EDA) is investing $16.1 million in the state of California to support community and workforce development projects needed to expand economic opportunity in underserved areas. The EDA investments announced today are: “As part of the Biden Administration’s commitment to investing in America,…
EDA: $6.7 Million Invested to Increase Access to Health Care and Support Business Growth in Texas
Today, U.S. Secretary of Commerce Gina Raimondo announced the Department’s Economic Development Administration (EDA) is investing $6.7 million in the state of Texas to support construction of a community-based dental clinic and to make infrastructure improvements needed to support business growth. The EDA investments announced today are: “President Biden is committed to ensuring all communities…
EDA: $5.3 Million Invested to Support Business Development and Industrial Growth in South Dakota
Today, U.S. Secretary of Commerce Gina Raimondo announced the Department’s Economic Development Administration (EDA) is investing $5.3 million in the state of South Dakota to make critical infrastructure improvements needed to support current and future business needs. The EDA investments announced today are: “Bolstering infrastructure and industrial capacity are critical parts of President Biden’s Investing…
EDA: $5.7 Million Invested to Support Business Expansion and Create Jobs in West Virginia
Today, U.S. Secretary of Commerce Gina Raimondo announced the Department’s Economic Development Administration (EDA) is awarding $5.7 million in grants to support business expansion projects in West Virginia. The EDA investments announced today are: “As part of the Biden Administration’s commitment to investing in America, we’re making sure that communities in West Virginia and across…