Fitch Ratings has downgraded BankUnited Financial Corp.'s long-term issuer default, senior debt, and individual ratings, and revised the company's rating outlook to negative. The rating agency said the Coral Gables, Fla.-based financial institution has seen rapid credit deterioration because of a sharp rise in nonperforming assets to levels beyond what Fitch had expected. BankUnited had a fiscal first-quarter loss of $25.5 million. "Asset quality has been hampered by the rise in delinquencies within its option ARM portfolio, particularly loans with 2006 vintages," Fitch said. "The worsening asset quality metrics prompted the company to boost provisions by $65 million to $117.7 million for the period, compared to $58.6 million the previous quarter." As for the negative outlook, Fitch said the weak housing market could put further pressure on BankUnited's earnings and asset quality. BankUnited is downsizing its wholesale mortgage production platform.
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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.
July 11 -
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