Fieldstone Investment Corp., Columbia, Md., has reported a loss of $45.0 million ($0.97 per share) for the third quarter, compared with net income of $23.0 million ($0.47 per share) a year earlier.The company, structured as a real estate investment trust, is the parent of nonconforming lender Fieldstone Mortgage Co. Michael J. Sonnenfeld, president and chief executive, said the loss resulted from increased reserves needed to cover delinquencies of the newer loans in its portfolio and continued market pressures on sale margins. Servicing initiatives include accelerated intervention on delinquent loans, engagement of a delinquency- and loss-mitigation monitor for 2006 production, and elimination of high-delinquency products. It is reducing yield-spread premiums and consolidating operations centers. "Our origination initiatives include introduction of new [alternative-A] products, a simplified rate sheet that reflects the actual rates at which we lend, and a new commission plan based on a loan's net value to the company," Mr. Sonnenfeld said. "We have not reduced our credit quality nor changed our pricing discipline to increase originations, and we have eliminated the lowest-credit, highest-risk loans from our guidelines."
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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.
6h ago -
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.
9h ago -
While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
11h ago -
The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
11h ago -
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