The Federal Housing Finance Agency announced today that Fannie Mae and Freddie Mac’s caps for multifamily lending will shrink to $35 billion each for 2018. The determination was based on the agency’s projection that the overall size of the multifamily finance market will be slightly smaller than in 2017. Multifamily loans in designated affordable and underserved segments will remain excluded from the caps, and FHFA will review the caps on a quarterly basis.
Illinois regulators closed Pulaski Savings Bank of Chicago and appointed the FDIC as receiver. Millennium Bank of Des Plaines, Illinois, agreed to assume all deposits and most of its assets.
The FDIC sued 17 former executives and directors of Silicon Valley Bank, alleging their gross negligence led to the collapse of the institution.
The U.S. government will hit the debt limit on Tuesday and begin using “extraordinary measures” to avoid a default, outgoing Treasury Secretary Janet Yellen told House Speaker Mike Johnson.
This year could be a “banner year” for bank mergers and acquisitions, with improving economic conditions, enhanced net interest margins and the possibility of tax cuts, according to a recent analysis by the law firm Hunton Andrews Kurth.
The Federal Reserve announced it has pulled out of a coalition of central banks formed to tackle climate change risk in the financial sector.
Housing starts in December increased to a seasonally adjusted annual rate of 1.499 million, according to the U.S. Department of Commerce. This is 15.8% above the revised November estimate of 1.294 million but is 4.4% below the December...
