Analysts at Sanford C. Bernstein & Co., New York, have downgraded their ratings on Freddie Mac, Radian Guaranty, and PMI Group.All three are now rated "market perform" instead of "outperform." Analysts Jonathan Gray and Adam Weinrich added that, "There are few mortgage finance stocks that we remain very interested in owning" in a recent report, citing political and economic pressures that might hurt the stocks. The downgrade of Freddie Mac reflects the stock's price, the analysts said. Fannie Mae remains rated "outperform" with a "moderate 20% upside." The analysts also are not keen on the mortgage insurance sector, saying that business growth will be unexciting and that possible home price declines "would terrify investors and damage relative valuations for the MIs."
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A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
6h ago -
Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
9h ago -
While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
11h ago -
The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
11h ago -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
11h ago -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
July 11