Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
Inside Washington (07/03/2012)
  • WASHINGTON (7/5/12)--As of June 30, about half of the 31 failed-bank resolutions this year involved an acquirer purchasing a whole bank without any loss sharing from the Federal Deposit Insurance Corp. (FDIC). That indicates the agency is moving away from covering losses created by failed-bank buyers as the economy improves (American Banker July 3). Under loss-sharing deals, the FDIC assumes some of a buyer's risk from taking over bank with a weak portfolio. It is designed to attract more bidders for a damaged institution and ensure that assets stay in the private sector. Last year, 34% of the deals involved an acquirer purchasing a bank without any loss shared from the FDIC. In 2010, just 9% of deals were made without loss sharing. Failures are typically smaller now than during the financial crisis, according to observers. Bidders are also more comfortable with the economic environment and the portfolios for which they are bidding, such as single-family mortgages, said Pamela Farwig, a deputy director in the FDIC's division of resolutions and receiverships …
  • WASHINGTON (7/5/12)--The Federal Housing Finance Agency (FHFA) announced Tuesday that it has received a good response from qualified investors interested in participating in the agency's pilot real estate-owned (REO) initiative announced in February.  FHFA solicited bids in the second quarter of the year for qualified investors to purchase about 2,500 single-family, Fannie Mae-foreclosed properties. Fannie Mae offered for sale pools of properties in geographically concentrated locations across the U.S.  "FHFA undertook this initiative to help stabilize communities and home values in areas hard-hit by the foreclosure crisis," said Edward J. DeMarco, FHFA acting director. "As conservator of Fannie Mae and Freddie Mac, we believe this pilot program will assist us in achieving our objectives and help to maximize the benefit to taxpayers. We are pleased with the response from the market and look forward to closing transactions in the near future" …


RSS





print
News Now LiveWire
#NewsNow: @CUNA-CFA survey results suggest 3-3.5% increase in holiday spending. http://t.co/GjcDvvwfzy
14 hours ago
.@WOCCU promoted financial inclusion as a sustainable development goal at two separate @UN events this month.
15 hours ago
Colo. authorities OK first-ever #marijuana-focused CU #NewsNow http://t.co/77qj6O3bcu
15 hours ago
.@Vancity busts some Black Friday retail myths http://t.co/q8Wht3CcRc
16 hours ago
Things get hairy at #creditunions during #Movember http://t.co/Hc6tYRMSY8
18 hours ago