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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New guidelines regarding buy-side and sell-side real estate agent compensation are set to go into effect this summer.
47m ago -
Affordability challenges also have some aspiring homeowners taking second jobs or looking to draw from retirement savings, according to Redfin.
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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 -
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.
March 28