Fannie Mae plans to take $1.5 billion in derivative losses against its 2004 earnings, according to a 10-K filing with the Securities and Exchange Commission."Over the next six months, we expect to amortize into earnings as a component of interest expense an estimated $1.5 billion, net of tax, of the $6.9 billion related to realized losses on closed cash flow hedges as of December 31, 2003," Fannie says in its 10-K. At the end of 2003, the giant mortgage company had accumulated a balance of $6.9 billion in derivative losses over several years. At yearend 2002, the balance was $5.76 billion. The derivative losses are amortized into earnings on a time schedule that is consistent with the expiration of the hedged liabilities, a company spokeswoman explained.
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Because of rising home values, more transactions have proceeds over the federal tax exemption, especially in California, a CoreLogic study found.
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Texas Capital Bank wants to bring the Administrative Procedures Act into the case, but Ginnie Mae said the legal proceedings are outside its scope.
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Better's home equity loan product can be originated in a week or less, the company says.
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The top five producers had an average dollar loan volume of more than $140 million in 2023.
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The threats to companies loom as borrowers face soaring homeowners insurance costs, ex-Ginnie Mae head Ted Tozer explains.
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After several quarters of slumping investment banking and trading fees, the Charlotte, North Carolina-based company reported a big uptick from that division, which helped compensate for a large decline in net interest income.
April 22