Secondary

But executives put a sunny spin on it, saying that its recent exit from forward mortgages will allow it to leverage reverse lending, where tailwinds will lead to profitability next year, management said.

The company has incurred a combined $91.8 million in expenses in the past two quarters related to its massive cost-cutting plan, which included the layoff of thousands of professionals.

The package, which Incenter is brokering on behalf of an unnamed mortgage banker, is primarily concentrated in California and Colorado.

The company is floating the possibility of selling a portion of its loan portfolio to free up liquidity in coming months, leaders said.

The government-sponsored enterprise put more money aside as mortgage interest rates rise and home prices start to decline.

The six active underwriters wrote 14% less business compared with the second quarter and 30% from one year prior.

While credit risk has been kept under control to date, the government-sponsored enterprise's leaders said Tuesday that they are concerned it could be on the verge of an uptick.

Both sides in the litigation over 2012 Federal Housing Finance Agency amendments to stock purchase agreements say they're weighing their options.

The limit for high-cost areas for 2023, 50 percent above the baseline limit, would be approximately $1.08 million, writes a former principal economist with the Federal Housing Finance Agency.

The writing on the wall says the market will deteriorate further, the company's executives said in a written statement.