House Financial Services Committee chairman Barney Frank, D-Mass., has scheduled a Sept. 5 hearing on the crisis in the mortgage and credit markets and the implications for consumers and the economy.Top Treasury Department and Federal Reserve Board officials are scheduled to testify first. Mortgage banking industry and other market participants will testify on a second panel. The committee did not release a witness list in announcing the hearing.
PennyMac Financial Services reported $82.3 million net income, inclusive of a $44 million net reduction related to servicing fair value and hedge losses.
The lender and servicer, which continues to make investments ahead of a future high-demand cycle, has reported tumbling margins in the past year.
Credibly will bring its SMB loans and revenue-based financing products to Figure's Democratized Prime platform, Figure said in a press release.
Federal Reserve Gov. Michael Barr said Tuesday that the U.S. energy sector is more insulated from shocks than Europe's, particularly in natural gas prices. However, he warned that the war is pushing up gasoline prices, which could spill over into other parts of the economy.
Economic uncertainty weighed on risk appetite, but the current performance of the non-QM market is "durable," Angel Oak leaders said in an earnings call.
CrossCountry defended its lower bid for Two Harbors, looking to refute UWM's arguments regarding the status of its financing for the all-cash offer.