A.M. Best Co., Oldwick, N.J., has initiated analysis and coverage of the U.S. banking industry and says it plans to publish a series of regular bank-related research papers and analytical methodologies.The company noted that real estate exposure continued its steady rise last year in the banking industry, increasing from 45% of total bank assets at the end of 2002 to nearly 50% as of Sept. 30, 2005. One- to four-family residential loans grew by 3 percentage points as a percentage of total assets, to 24%, the company reported. "Two additional factors that seem to have contributed to the growth in real estate exposure are the rise in outstanding balances under home equity lines of credit and the increased popularity of so-called 'nontraditional' or 'affordability' mortgage products, such as interest-only loans and payment-option adjustable-rate mortgages," A.M. Best said. The company can be found online at http://www.bestweek.com.
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Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
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A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
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The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
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The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
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The top five producers had an average dollar volume of VA and USDA loans of more than $35 million in 2023.
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The JPMorgan Chase CEO took aim Tuesday at the proposed Basel III endgame rules, hindrances to mergers and bureaucratic burdens. "I would love to have a more productive relationship with regulators, but I think it takes conversation," Dimon said.
April 24