Lehman Brothers took a $3.5 billion writedown related to residential and commercial assets in its fourth fiscal quarter but was able to offset it with about $2 billion in hedging gains, the company's global head of risk management said in a Dec. 13 conference call.Considering that the global credit crunch made November the "single worst month on record" for securitized assets, Lehman's 12% decline in year-to-year quarterly income, to $886 million, was a sign that the company did a relatively good job of managing its risk even though it did not emerge from the quarter unscathed, Chris O'Meara said. The residential-related portion of the writedown totaled $2.2 billion, Mr. O'Meara said.
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Pricey insurance, expensive maintenance, and struggles with financing are all weighing down the condo market, with Florida and Texas feeling it the most.
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The National Credit Union Administration, operating with just one board member, has liquidated two credit unions that were recently put into conservatorship. The failures are the first credit union failures since Democrats on the board were fired, leaving Republican Chair Kyle Hauptman.
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The new integration supports the upcoming Uniform Appraisal Dataset 3.6, which becomes available in September, with mandatory use 14 months later.
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The prime jumbo RMBS transaction is collateralized by 402 residential mortgage loans.
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The Senate version makes permanent the mortgage interest and mortgage insurance premium reductions, removes the revenge tax but also cuts CFPB funding.
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