For a year now the government owned Ally Financial has kept mum on the idea of throwing ResCap into bankruptcy protection but the self imposed gag order came off late Friday night, squirreled away in the folds of a new 148-page SEC filing. Of course, anyone familiar with the Ally/ResCap saga knows that Ally CEO Michael Carpenter has never liked the mortgage business and for good reason: the housing crisis has turned ResCap into a money pit. Then again, it’s very possible that ResCap/GMAC has turned the corner. The mortgage firm’s problem isn’t its loan production of the past three years – it’s the legacy business and mortgage buybacks. It can be argued that a “clean bank” version of ResCap might be a great company, but will we ever know? The answer could come in about two weeks. If ResCap doesn’t make good on that missed bond payment it’s BK time. But I have a feeling that it will. I mean, why not? It has the cash flow. As for Tom Marano…
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House Republicans overcame internal divisions to narrowly pass President Trump's tax and spending package Thursday afternoon. The measure would cut the Consumer Financial Protection Bureau's funding level, among other provisions.
July 3 -
A labor shortage is costing the market tens of thousands of new homes per year, and tariff uncertainty is adding thousands of dollars in expenses per unit.
July 3 -
The pace of revenue growth slowed toward the end of 2024, with the trend continuing into the first three months of this year, NAHB reported.
July 3 -
Capital One closed the deal to buy the credit card provider in May and as part of the review process, decided to exit its home equity lending business.
July 3 -
The 10 basis point decline in the 30-year fixed mortgage was the most since March and the first time rates are below 6.7% since April, Freddie Mac said.
July 3 -
The firm, now going by Fairway Home Mortgage, said the change is a representation of plans to create a "connected ecosystem."
July 3