Washington Mutual Inc.'s home loan segment incurred a net loss of $113 million in the first quarter as a result of weakness in the subprime mortgage market, the Seattle-based thrift has reported.The segment recorded net income of $52 million in the first quarter of 2006, WaMu said. The company said its first-quarter gain on sale included net losses of $164 million on sales of subprime mortgage loans and adjustments to reflect declines in market values of loans held for sale. WaMu decreased the value of its subprime mortgage residual portfolio by $88 million, ending the quarter with a balance of $105 million. Overall, WaMu reported net income of $784 million ($0.86 per share) for the first quarter, down from $985 million ($0.98 per share) a year earlier.
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The five states with the lowest property taxes have an average effective real-estate tax rate of 0.44%.
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Ohio-based Liberty Home Mortgage joins several companies who started using a more modernized FICO credit score for nonconforming mortgage originations recently.
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The CFPB has dissolved the Office of Supervision, Enforcement and Fair Lending and eliminated the job of associate director in a move that impacts how it designates nonbanks for supervision.
April 17 -
The plan that the Federal Housing Finance Agency floated calls for Freddie Mac to actively invest in some new closed-end seconds as cash-out refinancing subsides.
April 17 -
The push comes amid what one expert highlighted as lax funding efforts for two Department of Housing and Urban Development grant programs.
April 17 -
Conventional lending drove volumes higher, particularly in the purchase market, the Mortgage Bankers Association said.
April 17