TAILIEUCHUNG - Federal Reserve Policy Statement on Rental of Residential Other Real Estate Owned Properties

Compared to Germany, the gross income of Italian banks is relatively large, but so are their operating costs (Figure 3). In both countries, the two time series show a negative trend, but in Italy the decrease in costs more than compensates the decrease in gross in- come. The negative trend in Italy’s gross income is driven by its shrinking interest income (Fig- ure 4), a trend also observed in many other European countries. However, this effect was countered by a marked increase in non-interest income. This suggests that the Italian banking reforms fostered the banks’ non-interest activities. However, this has more to do with the lifting of banking. | Federal Reserve Policy Statement on Rental of Residential Other Real Estate Owned Properties April 5 2012 In light of the large volume of distressed residential properties and the indications of higher demand for rental housing in many markets some banking organizations may choose to make greater use of rental activities in their disposition strategies than in the past. This policy statement reminds banking organizations and examiners that the Federal Reserve s regulations and policies permit the rental of residential other real estate owned OREO properties to third-party tenants as part of an orderly disposition strategy within statutory and regulatory This policy statement applies to state member banks bank holding companies nonbank subsidiaries of bank holding companies savings and loan holding companies non-thrift subsidiaries of savings and loan holding companies and . branches and agencies of foreign banking organizations collectively banking organizations .2 The general policy of the Federal Reserve is that banking organizations should make good-faith efforts to dispose of OREO properties at the earliest practicable date. Consistent with this policy in light of the extraordinary market conditions that currently prevail banking organizations may rent residential OREO properties within statutory and regulatory holdingperiod limits without having to demonstrate continuous active marketing of the property provided that suitable policies and procedures are followed. Under these conditions and circumstances banking organizations would not contravene supervisory expectations that they show good-faith efforts to dispose of OREO by renting the property within the applicable holding period. Moreover to the extent that OREO rental properties meet the definition of community development under the Community Reinvestment Act CRA regulations they would receive favorable CRA In all respects banking organizations that rent OREO properties are .

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