A unit of Norwest Corp. has agreed to sell $4 billion of new mortgages to the Federal Home Loan Mortgage Corp. over the next 12 months, the agency announced on Friday.
Freddie Mac hailed the deal as its largest one-year commitment from a lender.
Norwest Mortgage Inc. is to write the loans and exchange them for mortgage securities issue by Freddie Mac. Norwest Mortgage, one of the nation's largest mortgage originators, expects to produce more than $15 billion this year.
Consumer spending slowed and charge-offs rose during the first quarter, but Bread Financial said a pending late-fee rule may not be as devastating to its revenue as the Columbus, Ohio-based firm initially feared.
Artificial intelligence models are energy hogs. Climate First Bank and UBS are among the very few trying to solve this problem.
The FDIC board debated and ultimately withdrew two separate proposals to address asset managers' control over banks, but acting Comptroller of the Currency Michael Hsu said he couldn't support either and called for more research and debate about how asset managers' control over banks impacts safety and soundness.
The state's comptroller of public accounts is one of several notable non-depositories with access to the Fed's payments system, along with the Chicago Mercantile Exchange and the Tennessee Valley Authority. So why do they have accounts while some neobanks don't?
Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
While home lenders are seeing a decrease in issues coming through mobile channels, phone fraud spiked last year, accounting for 28% of losses, a new report found.
