Friedman Billings Ramsey, Arlington, Va., said its First NLC nonconforming mortgage subsidiary lost $1.8 million on a pretax basis in the fourth quarter 2006.First NLC built additional reserves related to the industrywide issue of buybacks as a result of early payment defaults. During the quarter, First NLC had $2.1 billion in originations, giving it $7.5 billion for the year. This compares with $1.5 billion and $6 billion for the same periods, respectively, in 2005. Cost to originate fell from an average of 244 basis points in 2005 to 191 bps for last year. FBR's merchant banking unit said it wrote down $17.2 million in the value of certain nonprime mortgage company investments. The largest was a $13.7 million reduction in the carrying value of shares in Fieldstone Investment Corp., which is being sold to C-BASS for cash. FBR said its merchant banking investments in nonprime companies, excluding Fieldstone, was $19 million at the end of 2006.
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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.
5h 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.
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While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
10h 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.
10h ago -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
10h ago -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
11h ago