(RECAP: More than 1,000 students from private and public schools submitted their thoughts on what Warrenton could look like in 25 years. As part of the town’s Comprehensive Plot update, six schools participated in the project, which required students to share their thoughts as postcards. Kindergartners through high school seniors drew two pictures each, one illustrating what they value in Warrenton in 2016 and another depicting what they want to see in 2040.)

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(RECAP: Increased mortgage borrowing was behind a 1.1 percent rise in U.S. household debt in the first quarter, with slowdowns in other areas such as credit-card balances and auto loans, according to the Federal Reserve Bank of New York. Total mortgage debt rose 1.5 percent from the final quarter of 2015 to $8.37 trillion, marking the highest level since the third quarter of 2011, according to the New York Fed’s quarterly report on household debt and credit, released Tuesday.)

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(RECAP: Federal Housing Finance Agency Director Mel Watt sounded alarm bells Wednesday about Home Loan Banks’ reliance on small-term funding in the form of discount notes. During a speech to the FHLB’s director’s conference, he noted that at yearend 2015, discount notes made up 54% of outstanding Home Loan Bank debt, compared to 43% in 2014 and 39% in 2013. “Small-term funding requires more frequent debt rollover than longer-term funding and this could become a safety and soundness issue if liquidity dries up unexpectedly,” Watt said. “The FHLBs and the Office of Finance are having ongoing discussions about how to address this issue.” Watt also reiterated concerns regarding insurance companies and large bank members, saying that some FHLBs have large exposures to a few individual members.)

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