First Horizon National Corp., the parent of First Tennessee Bank, saw its fourth quarter loss widen, thanks, in part, to charges related to loan repurchases. The company — which lost $70.6 million in the quarter (compared to $52.8 million in 3Q) — said it is dealing with a "challenging economy." In the fourth quarter it booked a foreclosure and loan repurchase provision of $59.3 million. (It did not identify where the loan repurchase requests came from.) In mid-2008 it sold a large portion of its residential mortgage and servicing platform to Metropolitan Life which has a banking affiliate. In the fourth quarter of 2008 the bank lost $63.1 million,
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Vacancy numbers leveled off this quarter, but the share among units owned by institutional investors is more than double the overall national rate, Attom said.
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This marks the second transaction from the shelf, backed by 651 first-lien, fully amortizing fixed-rate mortgages.
10h ago -
All loans in the deal's portfolio were made to investors and underwritten based on property cash flow and rental income to determine borrower eligibility.
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Lower median loan amounts and earnings growth which outpaces mortgage expenditures helps to improve affordability even as rates continue to rise, the MBA said.
August 27 -
A federal judge Wednesday said the Department of Housing and Urban Development failed to justify a sharp overhaul of a long-standing fair-housing grant program.
August 27 -
If Fed Chair Kevin Warsh's comments lack substance on inflation in the market's opinion, it is likely to drive mortgage rates even higher, NerdWallet warned.
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