Fannie Mae Posts Large Third-Quarter Losses
Today Fannie Mae, the largest buyer of mortgages on the secondary market, reported losses of 1.39 billion dollars as the credit crisis delinquencies increased.
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Archive for the 'Mortgage Lending' Category (Chronologically Listed)
Mortgage Applications Fell Last Week
Home mortgage applications fell for the first time in five weeks as the recent jump in loan refinancing came to a halt.
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US Banks Could Lose $10 Billion More in Fourth Quarter
Deutsche analyst Mike Mayo estimates that the Large US banks and brokerages could suffer an additional $10 billion more in the fourth quarter as deteriorating conditions due to the credit market continue to undercut the value of subprime mortgages.
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California’s Inland Empire’s Hurting Housing Market
Affordability, problems getting mortgages, and the current reluctance on the part of buyers are wreaking havoc in the area of California that makes up Pomona Valley, Greater San Bernardino, High Desert, North Riverside County, & South Riverside County.
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Posted by Ryan Fiore on Nov 01 2007 under California, Home Builders, Housing Market, Mortgage Lending
BankAtlantic Notices Losses from Florida Mortgage Market
Today BankAtlantic’s shares fell 13 percent adding to Friday’s 38 percent sell off. The stock is currently trading down 70 percent since the start of the year due to the problems in the Florida mortgage market.
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Frederick Mishkin Discusses the Federal Reserve at the Museum of American Finance
Frederick Mishkin, board member of the Federal Reserve since September 2006, stated at a meeting on Friday that the reason for the market problems that we have been experiencing is because of asymmetric information. Mishkin’s explanation of the market was much of the same information we heard from Randall S Kroszner’s speech about the housing market on the 22nd, another board member of the federal reserve.
Posted by Ryan Fiore on Oct 28 2007 under Federal Reserve, Frederick Mishkin, Housing Market, Mortgage Lending
CEO of Countrywide Confirms SEC Probe into Sold Shares
Angelo Mozilo, Countriwide Financial’s CEO, confirmed today that the US Securities and Exchange Commission has opened an informal inquiry into his stock sales.
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Milford Connecticut Still Experiencing a Healthy Market
While much of the nation has experienced large drops in prices and an over abundance of homes remaining on the market, Milford Connecticut has only experienced a mild decline in housing values.
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Adjustable Rate Mortgages Squeezing Colorado Homeowners
Refinancing and purchasing of homes into adjustable rate mortgages became popular when rates reached their lowest in 2003. When interest rates started rising in 2004 lender’s shifted to interest only loans and option arms, a product that was once reserved for investors.
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California Lenders Slow to Save Failing Mortgages
There’s been a lot of talking about it from lenders and government agencies, but there hasn’t been a lot of it going on.
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Posted by Ryan Fiore on Oct 23 2007 under California, Foreclosure, Housing Market, Mortgage Broker, Mortgage Lending