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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According to the Federal Reserve Board's latest financial stability report, persistent inflation and policy uncertainty are the primary worries for banks. Survey respondents expressed heightened anxiety over murky policy outlooks due to geopolitical turmoil and rapidly approaching domestic elections.
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Leaders of ORNL Federal Credit Union are piloting Zest AI's new artificial intelligence-powered assistant to ensure equitable underwriting practices and measure performance against similar institutions.
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McCargo stabilized the agency at a crucial time as she helped navigate it through both a pandemic and subsequent dramatic interest-rate cycle change.
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The quasi-public entity's plan to buy certain closed-end seconds would constitute "unnecessary government encroachment," the Structured Finance Association said.
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The mortgage subsidiary of Hilltop Holdings posted another quarterly loss and volume slipped, but management also sees signs of optimism.
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The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
April 18