Most mortgage stocks, along with the rest of the market, took a hit Tuesday as renewed inflation fears put downward pressure on stocks, but Wednesday morning brought a recovery for most mortgage stocks that passed by Freddie Mac.By noon Wednesday mortgage stocks were in recovery mode, with many seeing gains that wiped out Tuesday's losses. Not so fortunate was secondary-market giant Freddie Mac, which was off more than 2% at noon after releasing final 2005 earnings after the close of the markets on Tuesday. Freddie Mac was trading at $60.17 just after noon, down $1.41 from its opening price.
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Government officials confirmed the California Democrat is under scrutiny over a long-held Maryland property he designated as a second home in 2020.
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Credit availability declined in June as the job market and rising delinquency figures have some lenders concerned, the leading mortgage trade group said.
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The Ocean State is the latest to enact rules prohibiting the agreements that end up tying older homeowners to long-term contracts with real estate brokers.
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CEO Robin Vince refused to comment on "rumors or speculation" about a potential merger between the custody banking giant and its smaller rival, Northern Trust. He also said that the bar for BNY to engage in M&A is "very high."
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House Financial Services Committee Chairman French Hill promised to begin combing through Dodd-Frank to find areas for deregulation, while the panel's ranking member made it clear that Democrats would fight for the Consumer Financial Protection Bureau.
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Gain on sale at JPMorgan Chase fell by 5 basis points in the second quarter, which could be a slightly adverse sign for mortgage banker results, KBW said.
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