As a worst-case scenario, Morgan Stanley says Fannie Mae may have overstated the fair value of its common equity by $3 billion, a figure the investment banking firm stresses is an "arbitrary estimate."The figure is mentioned in an analyst report written by Morgan Stanley analyst Ken Posner. The report says the best-case scenario is that the examination of Fannie by the Office of Federal Housing Enterprise Oversight will not force Morgan to materially change its earnings forecast on the company. On Thursday, however, Morgan cut its price target on Fannie's stock to $81 from $89, saying OFHEO's allegations of accounting improprieties could lead to the imposition of growth limits on the company. Fannie Mae had no comment on the Morgan report. Fannie Mae can be found online at http://www.fanniemae.com.
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
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Initial analyses of Home Mortgage Disclosure Act data show UWM ahead in 2023 loan numbers and dollar volume, but Rocket's market share still looks competitive.
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Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
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The pending end of the program comes as over half of U.S. states have already ceased accepting new applicants for federal aid aimed to help struggling households with mortgage payments.
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But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
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Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
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