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Inside Washington (08/14/2012)
  • WASHINGTON (8/15/12)--Ginnie Mae officials are hesitant to accept requests from mortgage banks to become issuers of its mortgage-backed securities (MBS) following refusals from large banks to purchase the loans. Bank of America, Ally Financial and MetLife have left the correspondent lending market (American Banker Aug. 14). In July, Wells Fargo refused to fund mortgages from independent mortgages through its wholesale channel. Many of the new requests are from mortgage banks that do not have the capital levels to share the risk of loan defaults. The agency said it may raise the minium net-worth requirements for its MBS issuers to strengthen the field of applicants …
  • WASHINGTON (8/15/12)--The 12 Federal Home Loan Banks (FHLB) earned a combined $552 million in the second quarter, an increase of $301 million compared with the same period in 2011, the FHLB's Office of Finance said Monday. The increase was driven by lower other-than-temporary-impairment charges and lower assessments. Net income for the six months ended June 30 was $1.285 million, an increase of $676 million compared to the same period last year. The banks suffered a loss of $113 million in noninterest income for the quarter; however, that was an improvement of $287 million compared with a year earlier …
  • WASHINGTON (8/15/12)--The Consumer Financial Protection Bureau (CFPB) has partnered with Cornell University to provide a new way for the public to learn of and comment on new financial regulatory initiatives.  The CFPB has posted its recent mortgage servicing proposal to the website, which is operated by Cornell students and staff. The site is part of a research project meant to explore how public participation in the rulemaking process can be increased. The CFPB said it wants to make it easier for consumers and small businesses to tell the agency what they think about the rules it is working on …

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