Loan defaults associated with the three late summer hurricanes could have a more immediate effect on MGIC Investment Corp.'s secondary market capital cushion than proposed changes by Fannie Mae and Freddie Mac.

Bank of America's mortgage banking business reported a loss for the fourth quarter driven largely by representations and warrants provisions.

The company, which bought BNC Bancorp to enter North Carolina last year, recorded $19.1 million in merger-related expenses and an $8.3 million pretax loss tied to investment securities.

Citigroup's fourth-quarter residential mortgage banking revenue was 22% lower from the previous year because the company sold the vast majority of its servicing rights.

The JPMorgan Chase CEO is rejecting arguments that banks are poised to loosen underwriting standards to win more mortgage business. He said what's needed to encourage banks to make more loans to borrowers with spotty credit files are changes to FHA rules and other policy fixes.

JPMorgan Chase reported lower mortgage banking revenue in the fourth quarter as the returns from its servicing business declined from the previous year.

Wells Fargo had another surprise for investors in the form of its biggest legal charge yet, showing the lender is not yet past its consumer banking scandals.

The company said it will lay off more than a dozen employees in a move that reflects the current volume of mortgage loan originations.

The agency's Quarterly Banking Profile said banks earned $47.9 billion in the third quarter, helped by a 7.4% increase in net interest income from the previous year.

Home Depot saw sales surge in the wake of this year's barrage of hurricanes, but the storms still took a toll on the retailer's bottom line.