Economy

Investors have hammered the New Jersey-based lender following the turmoil at New York Community Bancorp. But Valley executives say there are key differences between the two real estate-focused banks, and they express confidence that the bank's underwriting will hold up again this cycle.

The public retirement fund, one of the biggest in the US, said four years ago it would review all of its fossil-fuel holdings as it sought to reduce investment risks linked to climate change.

The government-sponsored enterprise financed 955,000 mortgages last year, down from the 1.8 million loans it backed in 2022.

The year-over-year gain was 1.3 percentage points higher in the most recent period compared with the third quarter last year, the National Association of Realtors found.

Treasury Secretary Janet Yellen didn't directly address the turmoil at New York Community Bank, and said that while some smaller institutions could be hit by a changing commercial real estate market, she doesn't anticipate these mortgages will become a systemic risk.

Fannie Mae is implementing a new prohibition for traditional valuations and addressing the possibility of the National Flood Insurance Program lapsing.

While the Freddie Mac survey reported just a 1 basis point increase from last week, Zillow's tracker found a 30 basis point rise in the 30-year fixed, more reflective of what happened in the bond market.

The top five states have an average realtor commission rate of 6.04%.

But Fannie Mae and Freddie Mac conducted no private-market sales of nonperforming loans early last year as adjustments were made to the program.

Multiple mortgage companies are returning to the unsecured debt market for the first time since 2021, according to a new Fitch report. Here's why.