The Bush administration has put forward a sweeping plan for reorganizing the regulation of the financial system that would include national licensing standards for mortgage brokers and the elimination of federally chartered thrifts.
Many of the major aspects of the plan unveiled today by Treasury Secretary Henry Paulson would require congressional approval, and are not likely to be achieved during President Bush’s final year in office, Paulson acknowledged. more…
Tags: Industry News · Inman Real Estate · Mortgages · bush · federal reserve · henry paulson · matt carter · mortgage brokers · thrifts · treasury
Mortgage rates rose slightly this week, the lowest-fee 30-year from just below 6 percent to a hair above. Spreads still gape versus Treasurys, at 2.5 percent above the 10-year defying all of the Fed’s latest efforts. Five-year ARMs, both conforming and jumbo, are better in availability and rate, but both are scarcer and higher than in January.
The economy itself is in a curious place. This morning’s report of a half-percent gain in February personal income was head-scratching good news, not squaring with consumer confidence measures at 16-year lows, some components at 41-year all-time lows. more…
Tags: Industry News · Inman Real Estate · Markets & Economy · credit crunch · economy · federal reserve · lending · lou barnes · mortgage · s&l crisis · treasury
The Federal Reserve will hold public hearings next month in Los Angeles and Chicago before ruling on Bank of America Corp.’s planned acquisition of Countrywide Financial Corp.
The meetings will be held on April 22 in Chicago and April 28 and 29 in Los Angeles (see announcement). more…
Tags: Industry News · Inman Real Estate · Mortgages · bank of america · countrywide · federal reserve
The Federal Reserve today cut 75 basis points from two key short-term interest rates — a move that in less turbulent times would have been viewed as a drastic measure, but which fell short of some investors’ expectations for a full 1 percent cut.
The Fed’s actions fueled a stock market rally, but aren’t expected to have an impact on long-term interest rates like mortgages until investors who fund loans return to the secondary market where they are bought and sold. more…
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In an emergency move to prop up credit markets, the Federal Reserve cut the discount rate to 3.25 percent over the weekend and expanded the list of banks and financial institutions that can borrow money at that rate.
The Fed also announced Sunday that it was standing behind J.P. Morgan Chase’s move to buy troubled investment firm Bear Stearns Cos by providing up to $30 billion in financing that protects J.P. Morgan from losses. more…
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Federal regulators on Thursday unveiled a set of recommendations for strengthening regulations governing mortgage lending, including improved disclosures and the adoption by all states of a nationwide licensing standard for mortgage brokers. more…
Tags: Industry News · Inman Real Estate · Mortgages · federal reserve · financial · lending · licensing · mortgage · mortgage brokers · tila
In a new program intended to ease the credit crunch, the Federal Reserve today announced it will lend $200 billion in Treasury securities to banks and investment firms, allowing them to pledge mortgage-backed securities as collateral. more…
Tags: Industry News · Inman Real Estate · Mortgages · federal reserve · mortgage-backed securities · paulson · treasury