Fixed income

The company, which has paired down its operations to concentrate on reverse mortgages, got a similar notice in December.

In the derivatives markets, they've started pricing in that the Fed will carry out just four — or five at the most — quarter-point rate cuts in 2024, only slightly more than the three penciled in by policymakers.

Other servicing gains helped Mr. Cooper profit despite negative mark-to-market valuations and cyberattack costs that led to lower consecutive-quarter results.

Chairman and CEO of Pennymac, David Spector, said the one-time cost will allow the company to retain ownership of a proprietary system that could build value for investors.

Two Harbors, which also reported a gain in comprehensive income, recently completed an acquisition that made it the eighth largest conventional servicer.

Bond traders are growing more convinced that US yields are heading lower as they bet on a series of Federal Reserve interest-rate cuts, yet the path to cheaper borrowing costs is set to be extremely bumpy.

The benchmark 10-year yield rose as much as nine basis points to 3.97%.

The year-end yield on the bond, a global anchor for markets and U.S. mortgage rates, is the culmination of a stunning rebound for Treasuries.

The U.S. may be less rate-sensitive than other countries due to its long-term mortgages but could face tighter credit from hard-hit financial institutions.

The warning follows a period in which its stock traded below a certain threshold. The company can stay listed and plans to ask for time to regain compliance.

Short-term rates may fall but the Fed's quantitative tightening, which tends to pressure financing costs for most mortgages, persists. Here the net impact.

The Federal Reserve will need to start hitting the brakes on the unwind of its balance sheet as the outlook for the central bank's reserves grows increasingly murky, according to Wrightson ICAP.  

The rally in Treasuries ahead of the Federal Reserve's first interest-rate cut may only just be getting started, according to Bank of America Corp. research.

Treasuries resumed their rally on Tuesday as further labor-market slowdown reinforced speculation the Federal Reserve will be able to cut interest rates next year to prevent a recession.

The company will appeal the New York Stock Exchange's determination that it hasn't demonstrated compliance with NYSE rules within an 18-month period.

Whether the rally extends into December and then 2024 depends on if the principal forces behind it — signs that the economy and inflation are slowing and that the Federal Reserve is done hiking interest rates — keep building.

By the end of 2024 traders now see the U.S. central bank slashing rates by a full percentage point, despite officials repeatedly warning markets that they're in no rush to cut rates.

The acquisition of the mortgage servicer has costs, but it'll give the company offsetting efficiencies of scale, executives said in an earnings call Tuesday.

The company took another net loss but some of its numbers improved as it slashed expenses and prospects improved for distressed loan services.

News of President Chris Marshall's planned departure at year-end 2024 came amid reports of net servicing gains and the start of a capital raise for an MSR fund.