Freddie Mac is finding attractive pricing on adjustable-rate mortgages, including interest-only loans, according to the company's top investment officer, Patricia Cook."Agency and triple-A-rated nonagency ARM products currently represent an increasing percentage of our total purchases" for the retained mortgage portfolio, the executive vice president for investments said. "These products provide attractive risk-adjusted returns." Ms. Cook made her remarks in response to questions during a teleconference in which top Freddie executives briefed analysts and investors on the company's business outlook. On the investment side, "we permit IO mortgages to be included as collateral backing nonagency triple-A securities in which we invest," she said. Meanwhile, growth of the retained portfolio slowed to a 3.1% annual rate in September. Freddie executives estimate the growth rate for the year will be in the low to middle single digits.
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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.
11h ago -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
11h ago