Investment banking firm Friedman, Billings, Ramsey Group lost $170.9 million in 2005, with a previously disclosed write-down of its mortgage-backed securities portfolio serving as the main cause of the company's disappointing results.Friedman, Billings, Ramsey said that write downs and losses in the company's MBS and merchant banking portfolios totaled $261.6 million in the fourth quarter. The breakdown of those losses included $180.1 million in write downs, net of hedging gains, related to the MBS portfolio; $7 million of realized losses on MBS; and $74.5 million recognized in the write-down of nine equity investments to reflect "other than temporary" impairments in the merchant banking portfolio." Also contributing to FBR's weakness in the fourth quarter was a $15.5 million loss at First NLC Financial services, a wholly owned non-conforming mortgage lending subsidiary of FBR.
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
March 28 -
Initial analyses of Home Mortgage Disclosure Act data show UWM ahead in 2023 loan numbers and dollar volume, but Rocket's market share still looks competitive.
March 28 -
Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
March 28 -
The pending end of the program comes as over half of U.S. states have already ceased accepting new applicants for federal aid aimed to help struggling households with mortgage payments.
March 28 -
But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
March 28 -
Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
March 28