The Federal Home Loan Bank of Seattle, which has been burned by its Mortgage Purchase Program, posted a $15.7 million loss in the second quarter but is forecasting better days ahead.The government-sponsored enterprise blamed the loss on "mismatches in the cash flows of the bank's assets and liabilities" and costs associated with its downsizing. In the second quarter of last year, the FHLBank earned $25.5 million. It said it hopes to release third-quarter earnings in the "near future." Under new management, the bank is focusing on its advance business and reducing its MPP portfolio. In May, it indicated that it might lose money over the next three years. But in a statement issued Dec. 13, the Seattle FHLBank said it might break even or earn "minimal net income" this year and increase earnings in 2006 and 2007. The bank can be found online at http://www.fhlbsea.com.
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
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Initial analyses of Home Mortgage Disclosure Act data show UWM ahead in 2023 loan numbers and dollar volume, but Rocket's market share still looks competitive.
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Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
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The pending end of the program comes as over half of U.S. states have already ceased accepting new applicants for federal aid aimed to help struggling households with mortgage payments.
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But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
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Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
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