Farmer Mac, a secondary market agency for rural housing and agricultural real estate loans, achieved record volume in the first quarter, but its official earnings fell substantially from the first quarter of 2006.Farmer Mac reported GAAP income of $3.9 million for the first quarter of 2007, down from $15.1 million in the first quarter of 2006. But the company said its "core earnings," which excludes the impact of unrealized gains and losses on derivatives, were $6.2 million, unchanged from the year-earlier period. Farmer Mac's outstanding volume of guarantees and standby commitments totaled $8.3 billion at the end of the first quarter.
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A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
July 11 -
Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
July 11 -
While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
July 11 -
The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
July 11 -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
July 11 -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
July 11