McLEAN, Va. - (02/21/05) -- Freddie Mac last week introduced anew product aimed at expanding mortgage lending for credit unionsand other community borrowers. The secondary market giant said itwill now buy loans under its Home Possible Neighborhood Solutionsprogram with 100% loan-to-value ratios and with which the borroweris carrying a debt-to-income ratio of as much as 45%, up from theregular 38% ratio. The program is aimed at boosting financing forcommunity for working families and community workers, like police,firefighters, teachers and healthcare workers--a key credit unionmarket, according to Brad German, a spokesman for Freddie Mac."This gives credit unions another bow in their quiver to serve abroader market," he told The Credit Union Journal. To participatein the program credit unions must be Freddie Mac authorized loanservicers and use the company's LoanProspecter automatedunderwriting program. Currently Freddie will buy so-called 100% LTVloans, but 3% fees on the loans make them the equivalent of 97% LTVloans.
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As AI and digital assets become mainstream, banks are spotting new opportunities to integrate payments with other activities.
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House Republicans overcame internal divisions to narrowly pass President Trump's tax and spending package Thursday afternoon. The measure would cut the Consumer Financial Protection Bureau's funding level, among other provisions.
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Atlanta-based CoastalSouth's initial public offering prices at $21.50 a share; Valley National Bancorp announces Lyndsey Sloan will succeed Gary Michael as general counsel; Webster Financial Corporation taps a new chief risk officer and appoints a new board member; and more in this week's banking news roundup.
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Capital One closed the deal to buy the credit card provider in May and as part of the review process, decided to exit its home equity lending business.
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In a rare move for a credit union, the Seattle institution has snapped up the 13-member team that created EarnUp's AI Advisor product.
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