Secondary

The departures of David Benson and Jeffrey Hayward means decades of internal experience are leaving the company, said David Stevens.

The agency is decreasing the dollar amount for the second consecutive year, maintaining the percentage quota for mission-related loans and adding a new exemption.

The lender has shed over $1 billion in annualized expenses and said it retains enough capital to sustain operations for the next several years.

Higher expenses pushed per-loan losses further into the red for the first time in three quarters and with lower production expected through the first three months of next year, the picture remains bleak.

Policymakers are exercising restraint when it comes to the MBS portfolio for now but they'd still still like to sell, panelists at an industry conference said.

All of the loans were originated by CrossCountry Mortgage, which previously had a relationship for this product with Starwood.

Its strong balance sheet opens up opportunities for the mortgage lender to bring more companies under its helm, executives during the earnings call said.

WeWork, once valued at $47 billion, needs to slash costs and shore up its finances as it tries to continue operating.

The former investment type added to net earnings, but a tough market hurt some sectors of it during a quarter in which the company experienced mixed success with M&A attempts.

Earnings benefited from low delinquencies and slow prepayment speeds, but high rates will limit growth opportunities.