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
.@RepDennyHeck to @NWCUA Amplify conference audience: "More often than not, CUs are part of the solution"
5 hours ago
LA Laker and NBA Legend Earvin "Magic" Johnson was the keynote speaker Tuesday @CCULReach, hosted by the Cal/Nev #CreditUnion Leagues
6 hours ago
.@growfinancial's #salsa sensation spices up seed giveaway #NewsNow http://t.co/rKmWVwwzot
6 hours ago
.@TheNCUA Office of Small CU Initiatives soon--maybe Nov.--will launch website for #CUs 2 research #creditunion vendors or service providers
6 hours ago
.@TheNCUA says late 2Q Call Report filers 2 pay total of $17,111 in penalties.Individual penalty range is $52 to $1,824;median is $256. 2of2
6 hours ago