Mortgage Industry News at LoanNetwork.com
Mortgage Industry News
8-8-2008... FannieMae, the countries largest agency mortgage lender reported a net loss of over two billion dollars for the second quarter. The company announced it would be reducing its quarterly dividend down to 5 cents per share in an effort to preserve capital.
7-16-2008....WellsFargo provided some welcome news to the financial markets by posting better than expected earnings and guidance for the balance of the year. The stock price jumped up almost 30% with the news.
7-11-2008...The FDIC today closed down IndyMac bancorp. The company was one of the largest banks ever to fail, home owners with mortgage loans should continue making their payments to the banks trust.
7-7-2008....Fannie Mae and Freddie Mac are both back in the news as there are conflicting reports as whether the firms will need to raise national capital as their balance sheets continue to grow.
6-05-2008...According to a report from the MBA, mortgage application volume continues to declines as mortgage rates move up. Refinance volume is down over 20% during the past four weeks.
5-20-2008....The long awaited housing stimulus bill appears to be heading to President Bush for ratification. This bill is aimed at helping to slow down the rapid rise in foreclosed homes.
5-6-2008...FannieMae, the nations largest investor of mortgage backed securities posted a loss of over two billion dollars in the first quarter of 2008 due to continuing problems with the housing markets.
4-28-2008...Countrywide, the nations largest mortgage servicing company today announced a net loss of almost $900 million dollars. The company increased it's loan loss provision to $1.5 billion dollars for the first quarter.
4-1-2008...National City, one of the Midwest's largest regional banks is said to be in discussion to sell to a larger national bank. The company has faced serious challenges from the falling real estate markets and their mortgage portfolio.
3-12-2008...The Fed's aggressive move to help bring liquidity into the market has been received favorably by lenders. The jumbo loan market was almost non existent and this should help bring some funds into this market
3-6-2008...A report released by the Federal Reserve indicates that homeowners are at their lowest levels of home equity in years. The ratio of equity to value is now less than 50%.
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