Morgan Stanley has initiated coverage on PHH Corp., Mt. Laurel, N.J., the nation's 10th largest residential servicer, saying the company is undervalued. In research note Morgan analyst Ken Posner said, "The stock seems to be discounting an implausibly tough scenario where the housing market suffers from flat home prices and falling sales." Morgan has given the company an "overweight" rating, establishing a price target of $38. PHH currently trades at $27. In recent weeks PHH has been slapped with a handful of civil action suits which claim the company and its executives made false statements about its finances. On March 3 the company canceled its fourth quarter earnings release, and delayed its 10-K filing. Upon the news its share price fell 11% on the day, but has since recovered somewhat.
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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.
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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.
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The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
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But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
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The top five producers had an average dollar volume of FHA loans of more than $50 million in 2023.
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