HUD: Disaster Assistance Announced for Iowa Storm Victims
Foreclosure protection offered to displaced families The U.S. Department of Housing and Urban Development (HUD) today announced it will speed federal disaster assistance to the State of Iowa and provide support to homeowners and low-income renters forced from their homes in areas affected by severe storms and flooding. On March 23rd, President Trump issued a major…
HUD: Disaster Assistance Announced for Nebraska Storm Victims
Foreclosure protection offered to displaced families The U.S. Department of Housing and Urban Development (HUD) today announced it will speed federal disaster assistance to the State of Nebraska and provide support to homeowners and low-income renters forced from their homes in areas affected by severe winter storms, straight-line winds, and flooding. On March 21st, President…
FDIC: New Podcast Series Chronicles Causes, Responses to Financial Crisis
The FDIC today released a series of podcasts featuring discussions about Crisis and Response: An FDIC History, 2008–2013, the agency’s study of the banking and financial crisis. The podcast series gives listeners a unique behind-the-scenes perspective on the crisis, as FDIC officials share their insights into the agency’s decision-making strategies and actions. “The podcasts will allow…
FHFA: Index Shows Mortgage Rates Decreased in February 2019
Nationally, interest rates on conventional purchase-money mortgages decreased from January to February, according to several indices of new mortgage contracts. The National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders Index was 4.46 percent for loans closed in late February, down 14 basis points from 4.60 percent in January. The average…
OCC: Report Shows Mortgage Performance Improves in Fourth Quarter 2018
The Office of the Comptroller of the Currency (OCC) reported a slight improvement in the performance of first-lien mortgages in the federal banking system during the fourth quarter of 2018. The OCC Mortgage Metrics Report, Fourth Quarter 2018, showed 95.8 percent of mortgages included in the report were current and performing at the end of the quarter,…
CFPB: Report Released on 2018 Administration of the Fair Debt Collection Practices Act
The Consumer Financial Protection Bureau (Bureau) released the annual report to Congress on the administration of the Fair Debt Collection Practices Act (FDCPA). The report highlights the continued efforts by the Bureau and the Federal Trade Commission (FTC) to stop unlawful debt collection practices, including vigorous law enforcement, education and public outreach, and policy initiatives….
FDIC: Supervisory Insights Winter Edition Focuses on LIBOR
The Federal Deposit Insurance Corporation (FDIC) today issued the Winter 2018 issue of Supervisory Insights, which includes an article examining the future of, and alternatives to, the London Inter-bank Offered Rate (LIBOR). LIBOR is a popular reference rate for commercial loans, residential mortgages, derivatives and swaps, and other credit instruments. While LIBOR often is viewed as…
OCC: Office of the Comptroller of the Currency Fines Citibank, N.A. $25 Million for Violating the Fair Housing Act
The Office of the Comptroller of the Currency (OCC) today assessed a $25 million civil money penalty against Citibank, N.A., for violations of the Fair Housing Act. The OCC found that the bank had certain control weaknesses related to its Relationship Loan Pricing (RLP) program designed to provide eligible mortgage loan customers either a credit…
CFPB: Report Released on First-Time Homebuying Servicemembers
Today the Consumer Financial Protection Bureau (CFPB) released a report focusing on mortgages made to first-time homebuyers who are serving in the armed forces or are veterans. The Bureau’s report is the first time researchers have been able to provide a description and analysis of servicemembers’ mortgage choices and mortgage performance, both during and after…
FHFA: Index Shows Mortgage Rates Decreased in January 2019
Nationally, interest rates on conventional purchase-money mortgages decreased from December to January, according to several indices of new mortgage contracts. The National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders Index was 4.60 percent for loans closed in late January, down 23 basis points from 4.83 percent in December. The average interest…