The industry has to be careful of blaming itself too much for the subprime niche's recent wave of performance concerns, says Countrywide Financial chairman and chief executive officer Angelo Mozilo, citing other "complex" contributing factors such as home price depreciation, Federal Reserve interest rate hikes, and fraud.Addressing the opening general session of the Mortgage Bankers Association's secondary market convention in New York, Mr. Mozilo indicated that the slowdown in home price appreciation in particular helped put the market in a position that can be described by the saying, "You never know you're swimming naked until the tide goes out." He noted that other contributing factors included a lot of competitive "pressure to make loans" in the market.
-
According to the Federal Reserve Board's latest financial stability report, persistent inflation and policy uncertainty are the primary worries for banks. Survey respondents expressed heightened anxiety over murky policy outlooks due to geopolitical turmoil and rapidly approaching domestic elections.
April 19 -
Leaders of ORNL Federal Credit Union are piloting Zest AI's new artificial intelligence-powered assistant to ensure equitable underwriting practices and measure performance against similar institutions.
April 19 -
McCargo stabilized the agency at a crucial time as she helped navigate it through both a pandemic and subsequent dramatic interest-rate cycle change.
April 19 -
The quasi-public entity's plan to buy certain closed-end seconds would constitute "unnecessary government encroachment," the Structured Finance Association said.
April 19 -
The mortgage subsidiary of Hilltop Holdings posted another quarterly loss and volume slipped, but management also sees signs of optimism.
April 19 -
The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
April 18