Yields on Fannie Mae and Freddie Mac mortgage securities declined Tuesday after driving up interest rates on new home loans as they climbed over the past three weeks.
The yield on Fannie's current-coupon 30-year fixed-rate mortgage bonds fell 4 basis points, to 4.98% as of 9:53 a.m. Eastern Daylight Time.
On Monday the yield reached the highest since the Federal Reserve announced plans to buy home-loan bonds in November. It had been 3.94% on May 20.
The Jackson, Mississippi, company will use proceeds from the sale of its Fisher Brown Bottrell Insurance unit to restructure its investment portfolio, moving $1.6 billion of low-yield securities off the balance sheet.
The store-branded card issuer is raising annual percentage rates and adding fees for paper statements to compensate for lost revenue. The Consumer Financial Protection Bureau's new regulation is scheduled to take effect on May 14.
At the banks' annual meetings, shareholders at both companies struck down proposals that would have split the board chair and CEO roles. Two other proposals also failed to win shareholder support, one concerning energy financing and another on pay gap analysis.
Congressional Review Act resolutions are ramping up ahead of the 2024 election cycle. Experts say that, although none are likely to become law, the resolutions are still powerful messaging and political tools.
The ABA is testing an information-exchange network to allow banks to share their fraud data with each other. Companies including Baselayer are also building solutions.
Republicans on the House and Senate Small Business committees are accusing the SBA of being irresponsible in granting Funding Circle permission to participate in its flagship loan-guarantee program.
