Impac Mortgage Holdings, one of the nation's largest alt-A funders, posted a $121.7 million loss in the first quarter, citing market-to-market losses on derivatives and charges tied to large loan buyback requests.Over the past two quarters the publicly traded Impac has lost $181 million. The Irvine-based company signaled that it is moving "aggressively" on settling loan buyback requests tied to early payment defaults. "We have closely monitored our reverse repurchase facilities to manage our margin call exposure," said CEO Joe Tomkinson. The nation's 10th largest alt-A originator, Impac funded or bought $2.2 billion of product in the quarter, compared to $2.1 billion in the year ago quarter. (In the fourth quarter in bought and funded $4.1 billion.) In response to a declining market it also laid off 15% of its 800 staffers.
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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.
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The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
11h 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