The share price of Annaly Mortgage Management plunged by as much as 12% Friday morning after the mortgage real estate investment trust slashed its dividend the previous afternoon.The New York-based Annaly cut its dividend to $0.13 cents a share, compared with $0.36 in the previous quarter, a decline of 64%. Annaly management said it was forced to trim dividends because the spread between short- and long-term rates has narrowed significantly. It noted that since midyear 2004 "the two-year Treasury has risen in yield from 2.68% to 3.87% and the 10-year Treasury has fallen in yield from 4.58% to 4.16%." Annaly invests in adjustable-rate agency mortgage-backed securities. At deadline time its shares were trading at $13.09, down $1.79.
-
The new Financial Stability Oversight Council report also recommends an expanded Ginnie Mae PTAP facility and an industry-funded liquidity resource.
2h ago -
The publicly traded title holding companies all had stronger earnings as the mortgage market improved from one year prior.
4h ago -
One in every 37 residential properties nationwide had a loan-to-value ratio of 125% or greater to begin the year, according to a new report.
4h ago -
There's temporary leeway on formal compliance with replacement-cost value requirements in order to sort out insurer concerns with a recent re-emphasis on them.
5h ago -
Max Levchin, CEO of the buy now/pay later lender, said recent tests show young adults prefer interacting with intelligent chatbots over phone-based agents, but the company doesn't foresee major cost savings from generative AI for a few more years.
6h ago -
Test your knowledge of the biggest mortgage headlines of the week. No. 2 pencil not required!
May 10