Economy

Lawyers for investors in Fannie Mae and Freddie Mac asked a federal appeals court to at least revive their claims that the U.S. stripped the companies of billions of dollars of profits, depriving shareholders of dividends, if not to go further and rule the transfer of profits to the government was unlawful.

Confidence among U.S. homebuilders was little changed in April, indicating the housing market lacked momentum as the spring selling season got under way.

M&T Bank in Buffalo, N.Y., for the first time was able to report a full-quarter impact from its acquisition of Hudson City Bancorp, which took about three-and-a-half years to complete because of regulatory challenges.

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.

While soaring real estate prices and ludicrous rents have ceased being news in places called Pacific Heights or Park Slope, the dual tsunamis of gentrification that submerged both coasts are moving inland.

The tax benefits of homeownership, which generations of U.S. residents have counted on, have been elusive for typical buyers since mortgage rates started tumbling in 2008.

Offering counseling to prospective homebuyers as part of Fannie Mae and Freddie Mac's duty to serve requirements could play a crucial role in helping lenders and nonprofits safely increase access to credit for underserved markets.

Even while FHFA finally embarked on a principal reduction plan, critics argued it was a dangerous idea that made Fannie Mae and Freddie Mac less safe while helping relatively few people.

The U.S. government's 2012 decision to take all the profits from Fannie Mae and Freddie Mac will get a federal appellate review Friday when investors argue the appropriation was illegal.

Purchase mortgage activity, which normally picks up in March and April, is getting an extra boost from an improving economy, the Mortgage Bankers Association reported.

FHFA Director Mel Watt acknowledged that the principal reduction program may seem "too small and too late."

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

Mortgage rates for 30-year loans dropped to the lowest level in almost three years, aiding homebuyers during the housing market's busiest season for transactions.

Wells Fargo & Co. said first-quarter profit fell 5.9% as the firm set aside more money for soured energy loans and expenses increased.

Mutual of Omaha Bank and an affiliate of PlainsCapital Bank in Dallas have partnered to sell residential mortgages.

Fannie Mae and Freddie Mac surged to four-month highs on speculation lawsuits involving the mortgage giants have progressed in a way that favors shareholders.

The world knows JPMorgan's quarterly profits fell and that it flunked the living wills test. But underneath all that were solid first-quarter results in its core lending businesses that bode well for other banks at the start of earnings season.

Fannie Mae has priced a $1.15 billion credit-risk sharing transaction through its Connecticut Avenue Securities series.

Mortgage applications leaped 10% from a week ago on favorable conditions, according to the Mortgage Bankers Association.

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