Adjustable-rate mortgages made up only 13% of thrift originations in the first quarter, down 44% from the level recorded a year earlier, according to the Office of Thrift Supervision.It marked the second consecutive quarter in which the percentage of total originations represented by ARMs was in the lower teens. But this time it prompted thrifts to sell $177.7 billion in mortgages into the secondary market -- the highest level of sales since the third quarter of 2003. Thrifts generally specialize in ARMs, and these depository institutions like to sell fixed-rate mortgages and hold ARMs in portfolio. Overall, the ARM share for all lenders was 11% in the first quarter, compared with 25% in the same quarter of 2006, according to the Federal Housing Finance Board. Freddie Mac's forecast calls for the ARM share of the mortgage market to be 12% in 2007, down from 21% in 2006.
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A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
6h ago -
Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
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While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
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The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
11h ago -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
11h ago -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
11h ago