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An historic preservation program agreement by which a property owner pledges to retain intact the exterior of a structure and such outbuildings and amenities that are relevant to the history or design of the structure.
(1) a method commonly used to compute the amount of interest to be refunded or credited because a loan is being paid off before maturity; (2) the selling by a firm of its accounts receivable before their due date, usually at a discount.
fair lending practices regulations
The Office of Thrift Supervision regulations that pertain to the application and appraisal practices of federal associations. The regulations prohibit the use of discriminatory appraisals and require the preparation of written loan underwriting standards, the collection of monitoring information and the maintenance of loan application registers.
fair market value
The price at which property would be transferred from a willing seller to a willing buyer, each of whom has a reasonable knowledge of all pertinent facts concerning the property in question and similar properties on the market, and neither is under any compulsion to buy or sell. Most accountants consider fair market value to be slang for market value.
A method of determining what a troubled asset would be worth (its present value) if its present owner sold it in the current market. Fair value assumes a reasonable marketing period, a willing buyer and a willing seller. It assumes that the current selling price (its present value) would rise or fall in relation to the asset's future earnings potential. To calculate that price, fair value converts the asset's future earnings into what they are worth in today's dollars, using a formula that discounts the assets' future net cash flows. The discount is based on the fact that a dollar earned in the future is equal to, say, $.75 invested today plus interest over an equivalent period of time. Thus, a dollar received today and invested is worth more than a dollar received in the future. Fair value, therefore is based on a formula incorporating rates of interest earned. While market value measures the sales price agreed to by the buyer and seller, OTS defines fair value as measuring the value of what the seller would receive less selling costs. Fair value is one accounting method used to calculate the present value of an asset (a loan) at some point after the loan has become past due and book value is no longer valid.
Slang for loans that are not closed because they are not approved by the lender or because the borrower decides not to take the loan.
A market in which prices or interest rates are moving in an overall downward direction.
Two or more persons related by blood, marriage, or convenience who occupy the same dwelling.
Nickname for the Federal National Mortgage Association.
Farmers Home Administration
A federal government agency that finances and insures loans to farmers and other qualified borrowers for rural housing and other purposes.
A detailed investigation and analysis of a proposed development project to determine whether it is viable technically and economically.
federal agency issues
Securities issued by a federal agency or an organization affiliated with the federal government. The securities are fully guaranteed as to principal and interest by the issuing agency, but are not direct debt obligations of the U.S. government and are not backed by its full faith and credit. The more common federal agency issues include obligations of the federal home loan banks, Farm Credit System, Federal National Mortgage Association, Government National Mortgage Association and Student Loan Marketing Association.
Federal Asset Disposition Association
A federal savings and loan association chartered by the former Federal Home Loan Bank Board in November 1985. Although FADA could accept deposits, it was chartered as a wholly owned subsidiary of the former Federal Savings and Loan Insurance Corporation (FSLIC) for the sole purpose of liquidating and disposing of assets of failed savings institutions acquired by the FSLIC in its role as receiver. Since it was chartered under Section 406 of the National Housing Act, FADA was informally known as a "406 corporation." Although FADA initially received a 10-year charter, it was turned over to the Resolution Trust Corporation (RTC) in August 1990. The RTC liquidated FADA during the next 180 days, as required by Subtitle A, Section 501 of the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA).
A savings and loan, building and loan, homestead association or savings bank chartered by the Office of Thrift Supervision.
federal compliance regulator
An accredited OTS examiner who is qualified to handle all aspects of a compliance examination of a savings institution.
Federal Deposit Insurance Corporation
A government corporation that insures deposits in thrift institutions and commercial banks. The FDIC administers the Savings Association Insurance Fund (SAIF) providing deposit insurance to thrifts, and the Bank Insurance Fund (BIF) providing deposit insurance to commercial banks.
Federal Financial Institutions Examination Council
An organization established by Congress in 1987 to coordinate and unify regulations, standards and report forms among the five member federal agencies that regulate savings institutions, commercial banks and credit unions: Office of Thrift Supervision, Office of the Comptroller of the Currency, Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, and National Credit Union Administration. The work of the council is carried out by five task forces, made up of representatives of each agency, dealing with: education and training, supervision, reports, consumer compliance, and surveillance. Also known as the Exam Council.
Funds on deposit in a financial intermediary's reserve account at its district Federal Reserve Bank. A member of the Federal Reserve is required to maintain a minimum average balance during any one week, based on its deposit levels during the two previous weeks. Larger commercial banks tend to need extra funds to meet minimum reserve requirements, and often borrow from other institutions, particularly smaller institutions, which usually have excess funds to lend. The seller, or lender, of federal funds can be another commercial bank within the Federal Reserve System, a nonFederal Reserve member such as a Federal Home Loan Bank or an individual thrift institution which has a surplus of funds to invest on a short-term basis. The exchange of funds between lenders and borrowers occurs in the informal federal funds market, either directly between institutions or through brokers. Whereas the bulk of these funds are lent on an overnight basis, some funds referred to as term federal funds, are lent for longer periods.
Federal Home Loan Bank
One of the 12 regional Banks of the Federal Home Loan Bank System. The Banks were established to extend loans and provide various services to member institutions including savings and loan associations, savings banks and insurance companies.
Federal Home Loan Bank Board
A former independent agency in the executive branch of the federal government that regulated and supervised the savings and loan industry, the Federal Home Loan Banks, the Federal Savings and Loan Insurance Corporation and the Federal Home Loan Mortgage Corporation. The Bank Board was abolished in August 1989 by the Financial Institutions Reform, Recovery and Enforcement Act of 1989 and its functions transferred to other agencies, including the Office of Thrift Supervision.