Industries

CEO Michael Nierenberg hinted at an upcoming partnership, as the rebranded New Residential reported a quarterly loss from residential mortgages plus management internalization costs.

Federal Housing Finance Agency Director Sandra L. Thompson told lawmakers on Wednesday that the agency would consider “foundational questions about mission, purpose, and organization” of the Home Loan Bank System.

Led by Rep. French Hill, the group of conservative lawmakers said the agency must do more to ensure appropriate transparency regarding any new products or activities that the enterprises undertake.

The company’s introduction of other strategic initiatives, including a new technology partnership, will lead to the elimination of 17% of current staff.

Plummeting returns add to indications that investors may become more selective in home purchases.

The S&P Supercomposite Homedbuilders Index dropped 16% this week as investors grow concerned over a recession and surging mortgage rates.

Prices for new construction dropped in May. In comparison, April construction raised to a 1.81 million rate, the highest since 2006.

The commodity's price fell to the lowest it has been since September as interest rates continue to rise.