Downey Financial, a top mortgage lender in California, said non-performing assets -- including delinquent loans and foreclosed real estate -- reached $1.04 billion at year end, or 7.77% of total assets. During the fourth quarter alone NPAs spiked by $618 million. The California thrift lost $56.5 million for the year versus a profit of $199.6 million in 2006. Company president Rick McGill said, "We are clearly disappointed with our results," blaming the company's problems on the weak housing market.
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Elevated delinquency levels have not affected expected losses, however, due to home price appreciation, Fitch Ratings said.
7h ago -
Retail lenders, including Beeline, Tomo Mortgage and Rocket Mortgage, settled with the department over infractions like submitting a false certification to not having the proper liquidity to be in the program.
8h ago -
A pair of bills, one with bipartisan support, look to address the issues around heirs' property so these families can have clear title on their homes.
8h ago -
The agreement, in which the real estate giant admits no wrongdoing, will cover around 70,000 agents.
10h ago -
Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
April 25 -
Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
April 25