Huntington Bancshares Inc., Columbus, Ohio, has announced that it will take a fourth-quarter charge of up to $300 million that will produce a net loss for the company, citing a need to shore up loan-loss allowances in connection with about $1.5 billion in loans to Franklin Credit Management Corp.Franklin, a New York-based company that acquires, originates, and services residential mortgage loans, recently announced the suspension of loan acquisition and origination and a delay in reporting its third-quarter operating results. "We only recently learned of Franklin's actions to reassess the adequacy of their loan-loss reserves," said Thomas E. Hoaglin, Huntington's chairman and chief executive. "Franklin's mortgages represent the underlying collateral for our loans to Franklin. As a result of this new information, we needed to reassess the collectability of the Franklin loans." As a result of Huntington's announcement, Fitch Ratings downgraded the company's long-term issuer default rating from A to A-minus, while affirming its short-term IDR at F1.
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The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
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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.
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The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
April 18 -
The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
April 18 -
But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
April 18 -
The top five producers had an average dollar volume of FHA loans of more than $50 million in 2023.
April 18