Investment banker Sandler O'Neill, a long-time bull on Fannie Mae, has reduced its earnings estimates on the mortgage giant, citing the company's troubles with its $8 billion manufactured housing portfolio.Sandler O'Neill analyst Mike McMahon reduced his 2004 earnings estimate by $0.17 a share to $7.83. Mr. McMahon notes in an analyst report that Fannie will take an after-tax hit of between $156 million and $169 million on the MH portfolio. Sandler, though, is maintaining a "buy" rating on the company. "The primary risk to our target price continues to be headline/political risk," it says.
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Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
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While home lenders are seeing a decrease in issues coming through mobile channels, phone fraud spiked last year, accounting for 28% of losses, a new report found.
2h ago -
The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
April 24 -
The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
April 24 -
Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
April 24 -
A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
April 24