Mortgage defaults

Fannie Mae has completed its latest Credit Insurance Risk Transfer transaction, the 10th deal since the program's inception in 2013.

Its results were affected by the costs related to shutting the delinquent loan services business.

Its first-quarter earnings fell nearly 50%, to $69 million, as revenue declined and it took a $13 million loss on debt repurchases.

Freedom Mortgage has agreed to pay $113 million to settle government allegations that it failed to comply with Federal Housing Administration requirements for originating and servicing FHA-insured loans.

First Horizon National in Memphis reported improved quarterly earnings that reflected higher revenue.

The number of new foreclosure filings in the first quarter stood at their lowest level in more than nine years, RealtyTrac reported.

Fannie Mae is selling four large pools of nonperforming loans which have a total balance of $1.5 billion.

The number of seriously delinquent mortgages reached its lowest level in over eight years, helped by new job creation and higher wages, CoreLogic reported.

New lender disclosure requirements aren't just disrupting the market for private-label mortgage bonds; they could also impact the market for bonds that transfer credit risk of mortgages insured by Fannie Mae and Freddie Mac to the private sector.

Eight years after subprime mortgages all but disappeared, U.S. buyers with bad credit can still own homes.