Thornburg Mortgage has met a $300 million set of margin calls related to deteriorating mortgage-backed securities market conditions, but was still working to meet about $270 million more as of deadline time Monday. The company said it was in default with one reverse-repurchase counterparty involved in the second set of margin calls but that it was working to repay that counterparty, which had not yet exercised its right to liquidate collateral. The company said collateral liquidations could have a material effect on its finances if they occur, and stressed that the repayment difficulties are linked to market conditions rather than credit quality. The company's stock was trading at about $4.00 per share late Monday morning, a drop of more than 50% from its previous close of $8.90 per share, according to Yahoo Finance.
-
Higher costs than expected, not just for the mortgage but for repairs and more, have recent buyers' regretting their purchase, Clever RE and Redfin found in separate reports.
29m ago -
New guidelines regarding buy-side and sell-side real estate agent compensation are set to go into effect this summer.
1h ago -
Affordability challenges also have some aspiring homeowners taking second jobs or looking to draw from retirement savings, according to Redfin.
2h ago -
The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
March 28 -
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.
March 28 -
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.
March 28