E*Trade Financial -- which on Friday admitted that it has $450 million in "exposure" on its asset-backed securities portfolio -- saw its stock price crumble 55% Monday morning after an analyst at Citigroup said there's a 15% chance the depository could go bankrupt.As of MortgageWire's deadline, E*Trade's shares were trading down $4.71, at $3.89. Its 52-week high is $26. In a recent public filing, the New York-based company said it has set aside $240 million to cover "deterioration" in its home equity portfolio. Its ABS portfolio totals $3 billion. Even though E*Trade could take more hits on the portfolio in the quarters ahead, the company said in a statement that it "expects to remain well capitalized based on regulatory standards." In September, E*Trade closed its residential wholesale division. The company can be found on the Web at http://www.etrade.com.
-
The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
59m ago -
In a Senate hearing, Director Sandra Thompson said a raise to the required income threshold provided to affordable housing was on the table, while housing regulators also faced questions related to property insurance hikes and title insurance waivers.
1h ago -
The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
9h ago -
The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
9h ago -
But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
10h ago -
The top five producers had an average dollar volume of FHA loans of more than $50 million in 2023.
April 18