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Fed Profits After Selling Remaining Securities from AIG Bailout

The Federal Reserve Bank of New York announced an important milestone Thursday the final sale of its remaining securities from the 2008 AIG bailout. The final sales from Maiden Lane III, one of the struggling mortgage-related portfolios the Fed usurped in 2008, brought the Fed's total profit from AIG securities to $6.6 billion. The final sales from Maiden Lane III, one of the struggling mortgage-related portfolios the Fed usurped in 2008, brought the Fed's total profit from AIG securities to $6.

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July New Home Sales Improve, Prices Drop

New home sales regained all the ground they lost in June, jumping by 13,000 to an annualized rate of 372,000 in July, the Census Bureau and HUD reported Thursday. Economists surveyed by Bloomberg expected the report to show a sales pace of 362,000.

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Initial Jobless Claims Continue Steady Climb

First-time claims for unemployment insurance increased 4,000 for the week ended Aug. 18 to 372,000, the highest level in a month, the Labor Department reported Thursday. Economists surveyed by Bloomberg had expected 365,000 initial claims. The prior week's total was revised up to 368,000 from the originally reported 366,000.

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C.A.R. Calls for Transparency in FHFA Bulk Sales Pilot

In a release Wednesday, the association accused FHFA of ""moving ahead with its REO bulk sales pilot initiative in a highly secretive manner, despite vehement opposition from California congressional members, the negative economic impact to the state's housing market, and cost to taxpayers."" In response to what the C.A.R. calls ""FHFA's failure to implement the REO initiative in an open and transparent manner,"" the organization has filed a request for details through the Freedom of Information Act.

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FDIC Files Suits Against Institutions for Securities Sold to Guaranty Bank

The FDIC filed three complaints against financial institutions that were involved in the sale of mortgage-backed securities to the now defunct Guaranty Bank. The FDIC became receiver for the Austin-based bank when it failed in August 2009. In all three complaints, the FDIC claims the defendants made false or misleading statements when issuing, underwriting, or selling securities to Guaranty Bank.

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Households Climb Out of Financial Distress in Q2: CredAbility

U.S. households have found their way out of financial distress for the first time in nearly four years, with housing as the main reason for the improvement, according to the CredAbility Consumer Distress Index released Wednesday. Households found relief with their mortgages as homeowners refinanced and late payments hit a three-year low.

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Fitch: Repurchase Risk Increasing for Banks

Analysts with Fitch Ratings found in a report on Monday that repurchase risk remains high for several financial institutions, including Bank of America, JPMorgan Chase, and Ally Financial. According to Fitch, repurchase risk climbed to 41 percent for Bank of America. Roughly 60 percent of the claims stemmed from private-label requests.

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New Short Sale Guidelines for GSEs Will Make Process Easier

Starting November 1, 2012, Fannie Mae and Freddie Mac will implement new short sale guidelines to make the approval process easier for eligible borrowers. The new guidelines include streamlining the approach for documents, having the GSEs waive their right to pursue deficiency judgments, and raising the offer to second lien holders up to $6,000.

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