More Earthquake Assistance. Ginnie Mae said it is reaching out to distressed homeowners in the San Fernando Valley by authorizing issuers of Ginnie Mae pools containing loans on properties damaged by the Jan. 17 earthquake to buy the loans out of the pools for the remaining principal balance of each loan. The loans do not have to be delinquent before they can be repurchased. Ginnie hopes this new authority will assist those whose homes were directly damaged by the earthquake and aftershocks by allowing pool issuers to buy back the loans and either modify them or ensure that they continue to be insured or guaranteed by FHA or VA, thus lessening the chance homeowners will become delinquent, or worse, default and before closed on. Issuers must request written permission to buy such loans out of existing pools, and the request must specify that the loan - or loans - was damaged in the Jan. 17 earthquake or one of its aftershocks. The buyout clause expires Oct. 13.
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Liberty Bank in Salt Lake City had been "structurally unprofitable" since 2008, according to its regulators. Experts criticized the FDIC for allowing the bank's demise to play out in slow motion.
7h ago -
The New York-based bank says it will push its concentration of commercial real estate loans below 400% of risk-based capital over the next two years and focus more on C&I.
9h ago -
The San Francisco-based firm's Anchorage Digital Trusted Liquidity and Settlement network, better known as Atlas, will allow clients to settle a range of cryptocurrency transactions.
11h ago -
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.
April 25 -
Artificial intelligence models are energy hogs. Climate First Bank and UBS are among the very few trying to solve this problem.
April 25 -
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.
April 25