Citing deterioration in the housing and mortgage markets, Franklin Bank Corp., Houston, has announced a decision to increase its allowance for credit losses by approximately $20 million.Franklin said it expects credit costs for its commercial loan portfolio to range from $5.0 million to $7.5 million next year. The company said its total allowance for credit losses will grow from 0.42% to 0.91%, while the reserve for the builder finance portfolio will increase from 0.52% to 1.72% and the overall commercial loan reserve will rise from 0.61% to 1.33%. "Franklin's management believes that this effort to anticipate issues, rather than wait for them, should remove the perceived risk to our institution from both the builder finance and mortgage portfolios," the company said. Franklin Bank can be found on the Web at http://www.bankfranklin.com.
-
House Republicans overcame internal divisions to narrowly pass President Trump's tax and spending package Thursday afternoon. The measure would cut the Consumer Financial Protection Bureau's funding level, among other provisions.
7h ago -
A labor shortage is costing the market tens of thousands of new homes per year, and tariff uncertainty is adding thousands of dollars in expenses per unit.
8h ago -
The pace of revenue growth slowed toward the end of 2024, with the trend continuing into the first three months of this year, NAHB reported.
8h ago -
Capital One closed the deal to buy the credit card provider in May and as part of the review process, decided to exit its home equity lending business.
8h ago -
The 10 basis point decline in the 30-year fixed mortgage was the most since March and the first time rates are below 6.7% since April, Freddie Mac said.
9h ago -
The firm, now going by Fairway Home Mortgage, said the change is a representation of plans to create a "connected ecosystem."
9h ago