Meanwhile, Freddie Mac's loan purchases totaled $44.5 billion in November, down 42% from the October total and 50% from September's.Purchase commitments rebounded from $3.7 billion in October to $7.6 billion in November, but this barometer of future activity is way off the $18.4 billion in commitments made in September. The slowdown in mortgage financing and secondary-market activity has also slowed portfolio growth at the giant mortgage company. "Given current market conditions, the company expects retained portfolio growth for the fourth quarter to be relatively flat," Freddie said. Freddie also issued a correction in its monthly volume summary stating that it had previously misclassified $303 million in securities backed by Ginnie Mae collateral as Freddie Mac securities rather than as non-Freddie Mac mortgage-related securities. The impact of the correction on "related annualized growth rates and liquidation rates were no more than 0.1 percentage point and 0.3 percentage points," Freddie Mac reported.
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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.
8h 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.
11h ago -
While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
July 11 -
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