Federal Reserve: Improving the 30-Year Fixed-Rate Mortgage
FEDS (Finance and Economics Discussion Series) 2017-90 | August 2017 Wayne Passmore and Alexander H. von Hafften Abstract: The 30-year fixed-rate fully amortizing mortgage (or “traditional fixed-rate mortgage”) was a substantial innovation when first developed during the Great Depression. However, it has three major flaws. First, because homeowner equity accumulates slowly during the first decade,…
Federal Reserve: Board Announces Community Depository Institutions Advisory Council Members for 2018
The Federal Reserve Board on Wednesday announced the members of its Community Depository Institutions Advisory Council (CDIAC) and the president and vice president of the council for 2018. CDIAC advises the Board on the economy, lending conditions, and other issues of interest to community depository institutions. Members are selected from representatives of commercial banks, thrift…
FHFA: Index Shows Mortgage Rates Decreased in July 2017
Nationally, interest rates on conventional purchase-money mortgages decreased from June to July, according to several indices of new mortgage contracts. The National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders Index was 3.99 percent for loans closed in late July, down 1 basis point from 4.00 percent in June….
OCC: Fourth Quarter 2017 and First Quarter 2018 CRA Evaluation Schedule Released
The Office of the Comptroller of the Currency (OCC) today released its schedule of Community Reinvestment Act (CRA) evaluations to be conducted in the fourth quarter of 2017 and first quarter of 2018. The OCC encourages public comment on the national banks and federal savings associations scheduled to be evaluated under the CRA, and suggests…
OCC: National Banks and Federal Savings Associations Encouraged to Work with Customers Affected by Hurricane Harvey
The Office of the Comptroller of the Currency encourages national banks and federal savings associations to work with customers affected by Hurricane Harvey. OCC Bulletin 2012-28 provides examples of steps national banks and federal savings associations may take to support customers affected by natural disasters. The OCC encourages national banks and federal savings associations to…
Census Bureau: Address Canvassing Operations Begins
The U.S. Census Bureau today began the Address Canvassing operation for the 2018 End-to-End Census Test across three test sites. The operation will use mobile technology to verify and update our housing unit address list and will allow the Census Bureau to test procedures in building its 2020 Census address list across a wide area…
HUD: Disaster Assistance for Victims of Hurricane Harvey
Foreclosure protection offered to displaced families U.S. Housing and Urban Development Secretary Ben Carson today announced HUD will speed federal disaster assistance to the State of Texas and provide support to homeowners and low-income renters forced from their homes due to Hurricane Harvey. To date, President Trump issued a disaster declaration for the following counties…
HUD: $5 Million Awarded to Support Safety and Security in Public Housing
25 Public Housing Authorities in 15 states to address increases in crime In an effort to address emergency, safety and security needs and fight crime at public housing properties, the U.S. Department of Housing and Urban Development (HUD) today awarded $5 million to 25 local agencies in 15 states. Funded through HUD’s Capital Fund Emergency…
SBA: Administrator Addresses Federal Regulatory Reform; Small Businesses Encouraged to Comment on SBA Regulations
Administrator Linda McMahon, head of the U.S. Small Business Administration, today encouraged small businesses to comment on the Federal Register notice posted earlier this month. The notice is in response to President Trump’s Executive Order 13777 which aims to ease the burdens placed on America’s small businesses. Under this Executive Order all federal agencies are…