Economy

More FHA homeowners than expected are refinancing out of the program and into conventional mortgages, despite an increase in mortgage rates over the past year.

With marijuana sales set to become legal in California soon, a working group there says that a state-backed financial institution should be among the measures weighed to address the lack of banking services available to the pot industry.

The companies' recently launched partnership furthers the argument that the banking and fintech industries might be better served working together rather than competing.

Capital Corps, led by Steven Sugarman, aims to provide financing to homeowners and small businesses that it believes are overlooked by banks. The firm features several former Banc of California executives.

The online small-business lender, which has been cutting expenses, said it is on track to achieve profitability in the fourth quarter.

Add MUFG Union to the roster of traditional banks launching a digital division that aims to grab deposits. PurePoint is going up against some more established competitors who are evolving their strategies.

Prince Alwaleed bin Talal, the billionaire with significant stakes in Citigroup and Twitter, was arrested by Saudi Arabian authorities as part of an alleged anti-corruption purge in the kingdom.

Ira Robbins, the CEO-in-waiting at Valley National Bancorp, will have to complete a major acquisition, make the bank more competitive on returns and costs and tackle other difficult tasks after taking over for Gerald Lipkin.

Growth in loans with higher debt-to-income ratios is reviving focus on a regulatory exemption for Fannie Mae, Freddie Mac and other federal agencies that back mortgages.

A House Republican tax proposal that infuriated housing groups and sent homebuilder stocks sliding would only have a modest impact on the market for new homes and could end up being a net positive for the industry, according to Keefe, Bruyette & Woods analysts.

The Federal Housing Finance Agency must set fees equal to the cost of capital that private banks hold against similar risk, not just the amount of capital that Fannie and Freddie think are right for themselves.

Top banking executives called the Republican tax plan an important first step toward tax reform and economic stimulus, but questions immediately arose about whether trade-offs and complexities in the bill would undercut it.

Hopes that tax reform might soften a weakening of the mortgage interest deduction were quickly dashed as the GOP plan landed a double punch on the incentive cherished by the mortgage and housing industries.

CapStar Financial is suing an investor on claims he misled other shareholders and is trying to skirt bank holding company laws.

Fannie Mae servicers are facing pressure from the recent hurricanes, but so far are bearing up under the strain.

Discussions on a regulatory relief package between the top Democrat and Republican on the Senate Banking Committee broke down late Tuesday, but members from both parties remain hopeful they can reach a bipartisan deal.

Mark Calabria, the chief economic adviser to Vice President Mike Pence, said the administration is focused for now on more pressing issues than GSE reform, including addressing housing damage from recent hurricanes.

Discussions on a regulatory relief package between the top Democrat and Republican on the Senate Banking Committee broke down late Tuesday, but members from both parties remain hopeful they can reach a bipartisan deal.

As more startups turn to initial coin offerings to raise capital, financial institutions will seek reassurance that their blockchain and other fintech partners are aboveboard.

A securities settlement, portfolio asset sales and greater interest among smaller lenders helped Freddie Mac compensate for potential losses from the catastrophic hurricane season.