Washington Mutual, Seattle, says its third-quarter net income will likely fall by 75% because of subprime and home equity-related writedowns of almost $1 billion.WaMu, the nation's largest thrift, anticipates not only chargeoffs in its loans "held-for-sale" account, but also securities trading losses of $150 million and an impairment charge of $110 million on investment-grade mortgage-backed securities. In a new research note, Credit Suisse called WaMu's exposure to higher credit risk "outsized." CS says WaMu "is far from being out of the woods," adding that, "We expect the trend of higher NPAs [nonperforming assets]" to persist through 2008. According to the Quarterly Data Report, WaMu is the nation's 13th-largest subprime servicer. with $45 billion in receivables.
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The Office of the Comptroller of Currency said it will no longer include examinations for disparate impact liability but will still perform fair lending risk assessments on a regular basis.
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The number of homes purchased by foreign buyers increased for the first time in 8 years, with many making all-cash purchases of vacation and rental homes.
6h ago -
Prosecutors said the defendant will pay back $13,784 in restitution for federal housing assistance he fraudulently obtained between 2019 to 2020.
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Most indicators cited by Morningstar DBRS are favorable to a good securitization market the rest of the year, but inflation is one of several challenges.
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While Sunbelt markets were more likely to see softening property values, the Northeast saw growth continue, according to Intercontinental Exchange.
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Mortgage professionals are more often subject to non-compete and non-solicitation agreements and aren't likely to be impacted by the new Sunshine State law.
10h ago