Fixed-income revenues at Bear Stearns & Co. plunged 88% in the company's third fiscal quarter because of rising residential subprime delinquencies and a lack of liquidity in the secondary market.Bear -- a major player in subprime mortgage-backed securities -- reported fixed-income revenues of $118 million for the quarter, compared with $945 million in the previous quarter. "Market conditions in both the mortgage and credit businesses were extremely challenging this quarter," the Wall Street giant said in a statement. Over the past few years, Bear has financed nonprime lenders and bought loans from many nonbanks as a way to secure a steady flow of product for its subprime securitization business. A few months ago, Bear closed down two hedge funds that had invested billions in subprime assets, only to later discover those assets were almost worthless. Bear Stearns can be found online at http://www.bearstearns.com.
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Southern states' government-sponsored enterprise share lags outside of a small number of metros, the Center for Mortgage Access' analysis of HMDA data shows.
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Home price modeling changes hurt FOA's third-quarter interim results but it was in the black between January and September on a continuing operations basis.
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While FHFA reduced most of the single-family low-income goals, the MBA wants the refinance target for Fannie Mae and Freddie Mac cut as well, its letter said.
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The latest case comes after at least three other zombie lawsuits in the past year, with the owner of the loan in question claiming $173,000 in past-due interest.
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Newer automation that can serve as a wraparound to existing technology can cut servicing costs in a competitive industry, according to fintech executives.
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Comptroller of the Currency Jonathan Gould said Tuesday that chartering compliant fintechs is "the only way" to level the playing field between banks and nonbanks. His comments come as the Office of the Comptroller of the Currency weighs new trust charters and stablecoin rules.
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