A bank is fighting the Federal Reserve Board of Governors to roll out a loan program involving real estate purchases that the lender says it needs to compete with local independent mortgage banks. Processing Content Upstate New York-based Canandaigua National Corp. is contesting the Fed Board’s decision in the 2nd U.S. Circuit Court of Appeals, […]
Bank fights Fed to offer cash guarantee mortgages Read More »
Key takeaway: As Federal Reserve Chair Jerome Powell’s term nears its end, stakeholders expect his role as a governor to be low-key and to continue until the release of an inspector general report clears him of any wrongdoing. Expert quote: “Powell was pretty clear, he’s not going to be a shadow chair. He knows what
Powell is staying at the Fed: What to expect Read More »
Key insight: Federal Reserve Chair Jerome Powell said that he would remain at the Fed board after his term as chair expires next month in order to ensure that the central bank can continue to conduct monetary policy independently. Expert quote: “I worry that these attacks are battering the institution and putting at risk the
Powell plays his last card as Fed chair Read More »
Key insight: Sen. Thom Tillis, R-N.C., officially dropped his opposition to Warsh’s nomination with an aye vote, despite ongoing parts of the DOJ investigation against current Fed Chairman Jerome Powell. What’s at stake: Fed independence has been the theme of Warsh’s nomination, with outstanding questions about Warsh’s willingness to lower rates at President Donald Trump’s
Warsh clears Senate Banking Committee Read More »
Key takeaway: The FOMC meets April 28-29 against a backdrop of elevated geopolitical uncertainty stemming from the Iran war, which has contributed to higher energy prices and renewed inflation concerns. The meeting also comes during a leadership transition at the Federal Reserve, with a new chair expected to take over in the coming months. Expert
Interest rates are the most certain thing about FOMC meeting Read More »
Key insight: Tillis’ acquiescence opens the door for a party-line confirmation of Warsh from the Senate Banking Committee on Wednesday. What’s at stake: Warsh will have considerable power over the Fed’s rate setting committee as chair of the Federal Reserve Board. Forward look: Warsh’s path to confirmation has now been cleared of its only significant
Tillis drops Warsh objections after DOJ exits Powell case Read More »
Jerome Powell’s tenure as Federal Reserve chair is coming to an end as the Department of Justice (DOJ) has ended its investigation of alleged cost overruns on the Fed headquarters’ renovations. This paves the way for Kevin Warsh to head the Fed — maybe as soon as May. The timing couldn’t be more perfect, as
The outlook for mortgage rates as DOJ clears Fed path for Warsh Read More »
Key insight: The Department of Justice will close its investigation into Federal Reserve Chairman Jerome Powell related to his comments regarding building renovations to the Fed’s Washington headquarters, a probe even many Republicans found baseless. Forward look: The conclusion of the probe clears the way for Sen. Thom Tillis, R-N.C., to vote to confirm Kevin
Justice Department to drop Powell investigation Read More »
The U.S. Department of Justice (DOJ) on Friday dropped its investigation into the Federal Reserve regarding Jerome Powell’s congressional testimony on the central bank’s headquarters renovation. The decision could ease the path for Kevin Warsh‘s confirmation as Powell’s successor. Jeanine Pirro, U.S. Attorney for the District of Columbia, announced that she’s closing the investigation and
DOJ drops probe tied to Fed, potentially easing path for Warsh confirmation Read More »
Key takeaway: The current Basel III capital proposal does not explicitly include mortgage insurance as a factor in determining a loan’s risk weight, but seeks industry input on the potential benefits and drawbacks of doing so, leaving the door open to possible changes. Expert quote: “There are like 50 reasons why banks don’t want to
Banks question Basel omission of PMI in mortgage weights Read More »