A General Accounting Office report says that despite progress, the Federal Agricultural Mortgage Corp. still needs to pay greater attention to risk management, its mission, and corporate governance.The GAO noted that Farmer Mac's income has increased since 1999 and its capital exceeds required levels, but the government-sponsored enterprise has also developed a "more complex risk profile," the GAO said. Specifically, the GAO said that if rapid growth in Farmer Mac's off-balance-sheet "standby agreements" continues and Farmer Mac faced a stressful economic environment, it "could face substantial liquidity risk." The report says that since 1999, Farmer Mac has significantly reduced the ratio of investments not related to its mission of helping provide long-term financing to farmers and ranchers. The stock market reacted positively to the report, however, with Farmer Mac's share price rising $2.68 to close at $29.36 Oct. 17 after the GAO report was released.
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
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Initial analyses of Home Mortgage Disclosure Act data show UWM ahead in 2023 loan numbers and dollar volume, but Rocket's market share still looks competitive.
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Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
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The pending end of the program comes as over half of U.S. states have already ceased accepting new applicants for federal aid aimed to help struggling households with mortgage payments.
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But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
March 28 -
Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
March 28