Jennifer Schachterle will oversee the Home Loan bank's relationships with nearly 330 members. Two former members Silicon Valley Bank and First Republic failed this year, and consolidation has also thinned its ranks.
Jennifer Schachterle will oversee the Home Loan bank's relationships with nearly 330 members. Two former members Silicon Valley Bank and First Republic failed this year, and consolidation has also thinned its ranks.
California, home of nearly 25 percent of home loans, is doing some interesting things, utility-wise. Last year came AB 205 which instructs the state’s utility commission to base the residential fixed charge on a customer’s household income level, with lower income households paying less than higher income households for grid and other costs. PG&E, along with Southern California Edison and San Diego Gas & Electric, have submitted a joint plan to levy an income-based fixed rate model, with higher-income residents paying higher rates while lower-income households would pay less. I mention this because, at the national level in mortgage banking, borrowers see headlines like, “Biden rule will redistribute high-risk loan costs to homeowners with good credit.” Regardless of one’s political affiliation, a new housing report by the National Association of Realtors® reveals middle-income homeowners accumulated $122,100 in wealth
Today I’m in Manhattan, having flown in to one of the nicer malls I’ve ever walked through, aka LaGuardia Airport. ($8 billion goes a long way.) No, I am not here to avoid the terrible tornadoes that have hit our nation, and I didn’t use Rocket’s new pro-home buying credit card to book the flight. No, I am not here regarding Donald Trump’s indictment by a Manhattan grand jury, although he is expected to come to New York today and to be arraigned in criminal court tomorrow. I certainly didn’t come to spend $8 on a pack of Oreo cookies or $30 on pasta with tomato sauce, although I am. I could say that I was scouting restaurants for the MBA’s Secondary Conference next month, but I’m not. In fact, I can’t think of any really logical reason to come here, other than I wanted to be able to say I’d seen Bruce Springsteen play Madison Square Garden with my son Robbie (with MCT), which was a fine show and venue indeed. (Today&