After several starts and stops, the trigger leads ban is the closest it’s ever been to becoming law, after the House of Representatives approved its version of the Homebuyers Privacy Protection Act. There are some differences with the Senate version of the bill, which was approved by unanimous consent on June 12. Those can be […]
Trigger lead ban nears finish line in Congress Read More »
Bloomberg News The Federal Reserve has officially started scrubbing “reputational risk” from its supervisory policies and practices. The central bank announced Monday that it is removing all mentions of reputation and reputational risk from its exam manuals and supervisory materials. In some cases, the agency is replacing those references with discussions of specific financial risks.
Fed officially nixes reputation risk from exam practices Read More »
Federal Reserve Vice Chair for Supervision Michelle Bowman.Bloomberg News The Federal Reserve’s top regulator said changes are needed to the supplementary leverage ratio to improve the Treasury market and ensure banks face proper risk incentives. In a Monday speech, Fed Vice Chair for Supervision Michelle Bowman said the current calibration of the capital requirement is
Fed’s Bowman makes case for leverage ratio reform Read More »
Bloomberg News WASHINGTON — President Donald Trump on Friday evening signed a rule that officially eliminates the Office of the Comptroller of the Currency’s stricter reviews of certain bank mergers. Trump signed the Congressional Review Act resolution Friday nullifying the Office of the Comptroller of the Currency’s Biden-era rule that got rid of an expedited
Trump signs nullification of OCC bank merger guidelines Read More »
Short-term market swings are nothing new but the kind of volatility mortgage lenders are dealing with today is driven less by predictable economic indicators and more by geopolitical tensions, trade policy shifts, and global headlines. While volatility has ticked up, it’s not at historic extremes. The CBOE Volatility Index, which measures stress in financial markets,
Mortgage pros share tips for riding out volatility Read More »
Stefani Reynolds/Bloomberg The Treasury Department is working with the bank regulators to finish the U.S.’s Basel committee-pursuant capital standards with an eye to clearing obstacles for American firms and “harmonizing” regulation of the financial system, the deputy secretary said Friday. Michael Faulkender said parts of the capital framework issued by the Basel committee would be
Top Treasury official wants to ‘Americanize’ any Basel rule Read More »
A new bill signed into law this month is set to protect some New England homeowners from foreclosure on years-old zombie seconds many likely had forgotten existed. Connecticut Gov. Ned Lamont signed new legislation into law earlier this month that establishes protections for borrowers with secondary piggyback or 80/20 mortgages whose last payments were recorded
Foreclosure protection from zombie seconds signed into law Read More »
U.S. stocks rose early Friday as investors returned from the Juneteenth holiday break to evaluate recent comments from a top Federal Reserve official as well as the latest developments in the conflict between Israel and Iran. The S&P 500 Index gained 0.6% at 9:43 a.m. in New York, with the benchmark teetering between a weekly
Stocks gain as Fed’s Waller offers hope on July rate cut Read More »
Former Treasury Secretary Lawrence Summers said he expects Donald Trump to name a mainstream candidate to replace Federal Reserve Chair Jerome Powell, despite the president’s bashing of the U.S. central bank leader for failing to cut interest rates this yearBloomberg News Former Treasury Secretary Lawrence Summers said he expects Donald Trump to name a mainstream
Summers sees Trump naming ‘respected’ replacement for Powell Read More »
Provisions restoring the mortgage insurance premium deduction are included in the Senate reconciliation bill, the latest path for its supporters to bring it back to the Tax Code. It is one of several real estate and housing provisions up for debate, including one that addresses low income housing tax credits. The MI deduction first was
Senate reconciliation proposals would help, hurt housing Read More »