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Daily Briefing | Thursday, July 29, 2010

  • Rep. Kanjorski Looking for Way to Recoup GSE Bailouts

    A high ranking Democrat on the House Financial Services Committee wants to explore ways of recouping the cost of placing the government-sponsored enterprises into conservatorships.

  • Record Low for 30-Year

    The average rate for a 30-year fixed-rate mortgage inched downward to a new low for the sixth consecutive week, according to Freddie Mac.

  • State Regulators Support CMBS Bill

    The Conference of State Bank Supervisors is endorsing legislation that could help restart the securitization market for small commercial mortgages held by community banks. State regulators are "beginning to see some signs of stability in loan performance and collateral values," Iowa banking superintendent Thomas Gronstal told the House Financial Services Committee. …

  • PMI's Loss Drops, but Still Disappoints

    The PMI Group's second quarter loss of $150.6 million, while improved over the same period in 2009, was still a surprise as analysts predicted the company should be able to pare those losses further. The company had a $222 million loss one year ago.

  • Good Quarter for Stewart

    Stewart Information Services Corp. returned to profitability in the second quarter as it earned $9.4 million, versus a loss of $20.6 million for the same period one year ago.

  • Capstead Cites GSE 'Buyouts' in Weaker Earnings

    Capstead Mortgage Corp., an MBS-investing REIT, saw its second quarter earnings fall 59% in the second quarter to $29.8 million, citing "sharply higher portfolio runoff" caused by Fannie Mae and Freddie Mac buyouts.

  • Senate Committee Approves Three Fed Nominations

    The Senate Banking Committee approved the nominations of Janet Yellen, Peter Diamond and Sarah Bloom Raskin to be members of the Federal Reserve Board.

  • Genworth Pares Losses at MI Unit

    The mortgage insurance unit of Genworth Financial lost $40 million in the second quarter, a marked improvement from the same period last year when it spilled $134 million of red ink.