Genworth Financial - which posted a large third-quarter loss - said it has borrowed $930 million of a $1.7 billion credit line. Among other things, Genworth is considering selling its mortgage insurance division, one of the largest in the U.S. Formerly a division of General Electric, Genworth offers not only mortgage insurance but life, long-term care, retirement and other policies. In the third quarter, the publicly traded company lost $258 million, compared to net income of $339 million in the same period last year.
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The homebuilding giant reported two separate cyber incidents this year, with the most recent breach of its mortgage unit affecting more than 348,000 individuals.
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The move threatens IMBs and outside loan originators who rely on real estate agents for referrals, as the company aims to keep borrowers within its platform.
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Fed Chair Kevin Warsh's much anticipated speech at the Jackson Hole meeting reinforced past comments about reducing communications around forward guidance.
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The ex-CEO got a regulatory OK to officially rally shareholders for his plan, although he's still awaiting a federal judge's decision on a restraining order.
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The deal is backed by recently originated, 30-year fixed-rate mortgages with an average combined loan-to-value ratio of 75.1%, according to Morningstar DBRS.
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Academy Mortgage's deal will cover around 285,000 class members. It's the sixth deal this year by a mortgage firm seeking to squash consumer complaints.
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