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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Elevated delinquency levels have not affected expected losses, however, due to home price appreciation, Fitch Ratings said.
4h 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.
4h 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.
4h ago -
The agreement, in which the real estate giant admits no wrongdoing, will cover around 70,000 agents.
7h 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