Despite the turmoil in the subprime mortgage market, the five largest U.S. investment banks reported strong quarterly earnings in the second quarter, according to Fitch Ratings.Fitch attributed the positive results to four factors: product diversity, hedging, growing geographic diversity, and capital sufficiency. "While mortgage exposure exists throughout investment banks' franchises, each firm says that fewer than 5% of total net revenues are attributable to subprime mortgage activities," said Leslie Bright, a Fitch senior director. "Since May, unusual levels of credit deterioration have been concentrated in the subprime space, impacting underwriting and primary trading markets. Contagion to the alt-A and prime sectors has greater possibility, as does fallout in the secondary market following pending rate resets of vintage mortgage pools."
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The head of the Consumer Financial Protection Bureau summarized his findings from a yearlong probe into the Appraisal Foundation. He says the "lawmaking body" is not accountable to the public or market forces.
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The top five depositories have a combined wholesale volume of more than $15 billion at the end of Q4 2023.
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Among opportunities to be offered to the program's fifth class of startup entrepreneurs are bank-provided mentorships and sessions with technology leaders and regulatory experts within home finance.
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Financial advisors and tax experts say HOA fees are usually not deductible, unless the home is used for a business or as a rental property.
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The broker argues it did not break any agreement because it never signed an amendment to UWM's ultimatum in 2022.
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The racial gap in first-time buyers' ability to maintain their status as owners has also narrowed over the last two decades, the agency's researchers reported.
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