IndyMac Mortgage Holdings Inc., Pasadena, Calif., has projected a net loss for the fourth quarter.The real estate investment trust did not estimate the size of the projected loss, but said it expects 1998 as a whole to be profitable. "This turn of events was unexpected and was caused by sudden, dramatic, and unprecedented changes in the debt, equity, and securitization markets, which significantly affected many, if not all, financial companies," said IndyMac president Michael W. Perry. "The well-publicized 'flight to quality' created a simultaneous and severe disruption in IndyMac's access to borrowings in the repurchase market, liquidity and market valuations of mortgage securities, and availability of equity capital." The company said the recent market turmoil caused some of its repurchase lenders to restrict the amount and terms of certain borrowings and to impose margin calls on certain assets securing the borrowings.
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McCargo stabilized the agency at a crucial time as she helped navigate it through both a pandemic and subsequent dramatic interest-rate cycle change.
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The quasi-public entity's plan to buy certain closed-end seconds would constitute "unnecessary government encroachment," the Structured Finance Association said.
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The mortgage subsidiary of Hilltop Holdings posted another quarterly loss and volume slipped, but management also sees signs of optimism.
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The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
April 18 -
In a Senate hearing, Director Sandra Thompson said a raise to the required income threshold provided to affordable housing was on the table, while housing regulators also faced questions related to property insurance hikes and title insurance waivers.
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The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
April 18