Meanwhile, Fannie Mae has reported a $101 million loss in the third quarter on its investments in manufactured housing securities, which totaled $8.3 billion as of Sept. 30.The manufactured housing loans have been plagued by high delinquency and foreclosure rates, and the national credit rating agencies are continuing to downgrade many MH securities. "Based on our analysis, we have recorded impairment on certain of these purchased securities of $101 million, which is included in fee and other income," Fannie says in its third-quarter financial filing with the Securities and Exchange Commission. The secondary market agency was still holding $25 million in below-investment-grade MH securities on its books as of Sept. 30. In addition, Fannie has guaranteed and issued $501 million in manufactured housing securities, and $20 million of those securities are below investment-grade. In August, Fannie tightened its underwriting standards on the MH loans it purchases and securitizes.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
4h ago -
The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
8h ago -
Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
11h ago -
A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
April 24 -
The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
April 24 -
The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
April 24