Friedman, Billings, Ramsey Group Inc., Arlington, Va., has sold about $4.95 billion of agency mortgage-backed securities at a loss of approximately $57 million to reduce leverage and "better position" itself in the uncertain asset-backed financing market.The loss includes $17 million that was included in accumulated other comprehensive income as of June 30 as a reduction in book value. The sale leaves FBR with a remaining agency and mortgage-backed securities portfolio of approximately $1.2 billion. FBR can be found on the Web at http://www.fbr.com.
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Freddie's plan "has merit," but if also used by Fannie, it might create competition for many closed-end, second liens in PL RMBS, according to new research.
1h ago -
While the company made headway in reducing operational costs, it incurred several million dollars worth of expenses as it dealt with the January incident.
10h ago -
The rightsizing measures impacted workers in Colorado and Florida who worked at acquired Computershare Mortgage Services and its affiliate Specialized Loan Servicing.
May 7 -
Former Angel Oak Lending Chief Marketing Officer Steven Winokur has come back into the non-qualified mortgage business by taking a marketing role at Carrington Mortgage Services.
May 7 -
The process of making changes to foreclosure prevention programs has been complicated by differences in how the Department of Veterans Affairs operates compared to an agency like the Federal Housing Administration.
May 7 -
Originators increased program offerings for the fifth consecutive month, but overall credit availability remains tight, the Mortgage Bankers Association said.
May 7