IndyMac Mortgage Holdings Inc., Pasadena, Calif., has projected a net loss for the fourth quarter.The real estate investment trust did not estimate the size of the projected loss, but said it expects 1998 as a whole to be profitable. "This turn of events was unexpected and was caused by sudden, dramatic, and unprecedented changes in the debt, equity, and securitization markets, which significantly affected many, if not all, financial companies," said IndyMac president Michael W. Perry. "The well-publicized 'flight to quality' created a simultaneous and severe disruption in IndyMac's access to borrowings in the repurchase market, liquidity and market valuations of mortgage securities, and availability of equity capital." The company said the recent market turmoil caused some of its repurchase lenders to restrict the amount and terms of certain borrowings and to impose margin calls on certain assets securing the borrowings.
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Hedge fund manager Scott Bessent had been the betting favorite to take the reins at Treasury. Scott Turner, a former congressman and NFL player, will lead the housing agency.
November 22 -
In its latest financial stability report, the Federal Reserve warned high equity valuations and low levels of liquidity could leave the financial system vulnerable to shocks.
November 22 -
Freddie Mac is offering a municipal bond option for investors in its ML multifamily securitization offerings starting with its December issuance.
November 22 -
Investors bought 15.9% of U.S. homes sold in Q3, according to Redfin, a level similar to 2018 and 2019, when the share was around 14%.
November 22 -
The development is the latest in an ongoing series of initiatives the Department of Housing and Urban Development has introduced to encourage growth of the factory-built construction segment.
November 22 -
Serious mortgage delinquencies are at their highest since May 2023, and early payment default activity is also a concern, ICE Mortgage Technology said.
November 22