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.
-
As AI and digital assets become mainstream, banks are spotting new opportunities to integrate payments with other activities.
July 4 -
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.
July 3 -
A new partnership with Google Cloud will let the Spanish bank offer Gemini to all staff after a successful ChatGPT deployment.
July 3 -
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.
July 3 -
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.
July 3 -
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.
July 3