Federal Housing Finance Agency

NEW YORK COMMUNITY BANCORP, INC. ANNOUNCES OVER $1 BILLION EQUITY INVESTMENT ANCHORED BY FORMER U.S. TREASURY SECRETARY STEVEN MNUCHIN'S LIBERTY STRATEGIC CAPITAL, HUDSON BAY AND REVERENCE CAPITAL

Retrieved on: 
Wednesday, March 6, 2024

HICKSVILLE, N.Y., March 6, 2024 /PRNewswire/ -- New York Community Bancorp, Inc. (NYSE: NYCB) ("NYCB" or the "Company") today announced that Liberty Strategic Capital ("Liberty"), Hudson Bay Capital ("Hudson Bay"), Reverence Capital Partners ("Reverence Capital"), Citadel Securities ("Citadel"), other institutional investors and certain members of the Company's management (collectively, the "Investors") will make a combined over $1 billion investment in the Company, subject to finalization of definitive documentation and receipt of applicable regulatory approvals. Liberty is expected to invest $450 million, Hudson Bay will invest $250 million, and Reverence will invest $200 million as part of the transaction.  

Key Points: 
  • Liberty is expected to invest $450 million, Hudson Bay will invest $250 million, and Reverence will invest $200 million as part of the transaction.
  • Secretary Steven Mnuchin stated, "In evaluating this investment, we were mindful of the Bank's credit risk profile.
  • We enter this next chapter with a strong balance sheet and liquidity position supported by a diversified and retail focused deposit base.
  • Sullivan & Cromwell LLP is serving as legal counsel to Liberty Strategic Capital.

FTC Staff Provides Annual Letter to CFPB On 2023 Equal Credit Opportunity Act Activities

Retrieved on: 
Friday, February 16, 2024

The staff of the Federal Trade Commission has provided the Consumer Financial Protection Bureau (CFPB) an annual summary of its enforcement and related activities on the Equal Credit Opportunity Act (ECOA).

Key Points: 
  • The staff of the Federal Trade Commission has provided the Consumer Financial Protection Bureau (CFPB) an annual summary of its enforcement and related activities on the Equal Credit Opportunity Act (ECOA).
  • The FTC is responsible for ECOA enforcement and education regarding most non-bank financial service providers.
  • The lead attorney on this matter for the FTC was Carole Reynolds in the Bureau of Consumer Protection.
  • Follow the FTC on social media, read consumer alerts and the business blog, and sign up to get the latest FTC news and alerts.

FTC Staff Provides Annual Letter to CFPB On 2023 Equal Credit Opportunity Act Activities

Retrieved on: 
Friday, February 16, 2024

The staff of the Federal Trade Commission has provided the Consumer Financial Protection Bureau (CFPB) an annual summary of its enforcement and related activities on the Equal Credit Opportunity Act (ECOA).

Key Points: 
  • The staff of the Federal Trade Commission has provided the Consumer Financial Protection Bureau (CFPB) an annual summary of its enforcement and related activities on the Equal Credit Opportunity Act (ECOA).
  • The FTC is responsible for ECOA enforcement and education regarding most non-bank financial service providers.
  • The lead attorney on this matter for the FTC was Carole Reynolds in the Bureau of Consumer Protection.
  • Follow the FTC on social media, read consumer alerts and the business blog, and sign up to get the latest FTC news and alerts.

Former Senior U.S. Housing Officials Launch New Subsidiary, Gate House Compliance, To Support Fair Lending and Servicing

Retrieved on: 
Wednesday, February 14, 2024

Gate House Compliance has been established as a subsidiary of Gate House Strategies , an advisory company co-founded in 2021 by Montgomery and four other former HUD officials and where he serves as Chairman.

Key Points: 
  • Gate House Compliance has been established as a subsidiary of Gate House Strategies , an advisory company co-founded in 2021 by Montgomery and four other former HUD officials and where he serves as Chairman.
  • In creating the compliance subsidiary, Gate House Strategies partners are joined by other luminaries in financial services and specialists in fair lending and consumer protection law and regulation.
  • Michael Waldron is a founding partner of Gate House Compliance.
  • To provide the new advisory firm with operational and analytical support, Gate House Compliance formed an alliance with CrossCheck Compliance , a nationwide regulatory compliance and risk management consulting firm.

Federal Home Loan Bank of San Francisco Now Accepts Mortgage Collateral Using VantageScore 4.0 – Expanding Number of Diverse and Creditworthy Mortgage Applicants

Retrieved on: 
Monday, February 12, 2024

By expanding the kind of mortgage collateral eligible to be pledged by member financial institutions borrowing from FHLBank San Francisco, lenders will be able to increase the amount of creditworthy mortgage applicants and include many underserved borrowers left out by conventional models.

Key Points: 
  • By expanding the kind of mortgage collateral eligible to be pledged by member financial institutions borrowing from FHLBank San Francisco, lenders will be able to increase the amount of creditworthy mortgage applicants and include many underserved borrowers left out by conventional models.
  • “We know there are millions of creditworthy borrowers aspiring to be homeowners who are falling through the cracks,” said Teresa Bryce Bazemore, President and CEO of the Bank of San Francisco.
  • Notably, FHLBank San Francisco is the first in the Federal Home Loan Bank System to accept collateral that uses VantageScore’s predictive and inclusive credit scoring model.
  • In that report, FHLBank San Francisco highlighted the VantageScore 4.0 model as being more inclusive and particularly effective in communities currently excluded from the mortgage marketplace.

Join Us for CREFC's Timely High-Yield, Distressed Assets, & Servicing Conference in New York

Retrieved on: 
Wednesday, February 7, 2024

NEW YORK, Feb. 7, 2024 /PRNewswire/ -- The CRE Finance Council (CREFC), the trade association that exclusively represents the nearly $6 trillion commercial and multifamily real estate finance industry, will host its annual High-Yield, Distressed Assets, & Servicing Conference on March 6-7 in New York City. This event brings together servicers, alternative lenders, and high-yield investors focused on commercial real estate (CRE) debt and equity, as well as sub-performing and non-performing commercial property loans.

Key Points: 
  • CREFC's timely two-day conference offers a rich program examining the latest top-of-mind issues in CRE finance, including rising borrowing costs tied to elevated interest rates and escalating expenses for property owners.
  • Attendees will have the opportunity to learn how different property types respond to a mix of macroeconomic challenges and high borrowing costs.
  • Conference sessions will also take a deep dive into the mechanics of CRE debt workouts and servicing troubled debt.
  • Dr. Calabria, currently a senior advisor to the Cato Institute, will speak about housing, politics, the regulatory environment, and macroeconomic issues.

Freddie Mac Expands Assistance for Very Low-Income Purchase Borrowers

Retrieved on: 
Monday, February 5, 2024

“Our commitment to supporting these families runs deep, as we have provided assistance to this population through various programs since 2018.

Key Points: 
  • “Our commitment to supporting these families runs deep, as we have provided assistance to this population through various programs since 2018.
  • The announcement comes after a strong 2023 for Freddie Mac, with the company financing approximately 800,000 home purchases.
  • The initiative is part of Freddie Mac’s longstanding efforts to make homeownership more accessible for low-income families.
  • Recently, Freddie Mac announced DPA One ®, a free, innovative tool that aggregates and showcases down payment assistance programs on a single, insights-rich platform.

R&T Deposit Solutions Names Jason Cave as Strategic Advisor for Regulatory and External Relations

Retrieved on: 
Wednesday, January 31, 2024

NEW YORK, Jan. 31, 2024 /PRNewswire/ -- R&T Deposit Solutions ("R&T"), a leading provider of tech-enabled liquidity management, deposit funding, and securities-based lending programs, announced today the appointment of Jason Cave as a Strategic Advisor for Regulatory and External Relations.

Key Points: 
  • NEW YORK, Jan. 31, 2024 /PRNewswire/ -- R&T Deposit Solutions ("R&T"), a leading provider of tech-enabled liquidity management, deposit funding, and securities-based lending programs, announced today the appointment of Jason Cave as a Strategic Advisor for Regulatory and External Relations.
  • Mr. Cave brings over 30 years of experience in public leadership, regulatory development, and financial institution stability.
  • "Together, we are focused on creating a better future for our clients, shaping a landscape of financial institution stability and strategic innovation."
  • At the FDIC, Mr. Cave led capital markets operations and the bank risk oversight program.

Freddie Mac Multifamily Supports Over 423,000 Affordable Rental Units in 2023, on Track to Exceed Affordable Housing Goals

Retrieved on: 
Monday, January 22, 2024

The company met its mission-driven affordable housing targets, supporting 423,177 affordable rental units across the United States.

Key Points: 
  • The company met its mission-driven affordable housing targets, supporting 423,177 affordable rental units across the United States.
  • The Freddie Mac data released today indicates that the company will achieve all of its 2023 Multifamily affordable housing goals set by the Federal Housing Finance Agency (FHFA).
  • “In 2023, Freddie Mac Multifamily was proud to again surpass our ambitious affordable housing goals, despite significant headwinds facing the overall market,” said Kevin Palmer, head of Multifamily for Freddie Mac.
  • In addition, Freddie Mac Multifamily financed more than $13 billion in Targeted Affordable Housing in 2023, supporting nearly 108,000 rent-restricted affordable units.

Fannie Mae Announces Single-Family Social Bond Framework

Retrieved on: 
Tuesday, January 23, 2024

WASHINGTON, Jan. 23, 2024 /PRNewswire/ -- Fannie Mae (OTCQB: FNMA) today announced the launch of its Single-Family Social Bond Framework and updates to disclosures for the company's Single-Family mortgage-backed securities (MBS), aimed to further support access to credit and affordable housing as part of its mission and goals.

Key Points: 
  • The updated Social Bond Framework describes the Fannie Mae mortgage collateral eligible to be pooled, issued, and labeled as Single-Family "Social MBS."
  • The Fannie Mae Single-Family Social Bond Framework is being rolled out in alignment with Freddie Mac and in cooperation with the Federal Housing Finance Agency (FHFA).
  • This opinion letter acknowledges that the Social Bond Framework is credible and impactful, and aligns with the four core components of the International Capital Market Association's Social Bond Principles 2023 .
  • Information on the Social Bond Framework and Mission Index can be found on Fannie Mae's website and via our Perspectives blog : "Mission in Focus: Enhanced Disclosures Lay the Groundwork for Single-Family Social MBS."