Citadel Investment Group -- which recently bought subprime lender ResMae -- has agreed to pump $2.5 billion in cash into E*Trade Financial, a company that has been struggling under the weight of huge mortgage writedowns.The New York-based E*Trade revealed the cash infusion plan Thursday morning, noting that its chief executive officer, Mitchell Caplan, had resigned from the company. A few weeks ago E*Trade's share price crumbled after a stock analyst said there was a 15% chance the online financial services firm would go bankrupt. (E*Trade denied the claim.) E*Trade, which has $12.8 billion in mortgage-backed bonds on its balance sheet, lost $58 million in the third quarter. The company can be found online at http://www.investor.etrade.com.
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McCargo stabilized the agency at a crucial time as she helped navigate it through both a pandemic and subsequent dramatic interest-rate cycle change.
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The quasi-public entity's plan to buy certain closed-end seconds would constitute "unnecessary government encroachment," the Structured Finance Association said.
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The mortgage subsidiary of Hilltop Holdings posted another quarterly loss and volume slipped, but management also sees signs of optimism.
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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