California thrift Downey Financial Corp. said its nonperforming assets increased to 10.93% at the end of February, an 89% spike over a three-month period. Downey holds $13.4 billion in assets on its balance sheet. In a research note, Credit Suisse cited one positive for the company: its net interest spread expanded 14 basis points to 3.11% during the month thanks, in part, to a decline in deposit costs. Credit Suisse has a "neutral" rating on Downey's stock.
Counter to prevailing narratives about rules and enforcement activity whipsawing from one administration to the next, public citations by federal banking regulators have steadily declined over the past decade — under both Democratic and Republican administrations.
Flatworld Mortgage Solutions says its former vice president breached his employment agreements by soliciting its customers as he formed a rival offshoring firm.
The HomeSafe Second product is now available in more than one third of all states, according to the reverse mortgage specialist.
The Department of Housing and Urban Development agreed to do more to manage due-and-payable obligations contingent on the availability of certain resources.
The ex-housing official is returning to a previous employer with the aim of helping guide the firm through an evolving landscape in federal policy.
A $160 million deal to merge Hometown Financial Group subsidiaries and Primary Bank will lead to consolidation under a single brand name of TruNorth.
