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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In its latest financial stability report, the Federal Reserve found that asset prices continue to exceed underlying fundamentals and leverage levels remain high, especially by hedge funds.
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The Long Island-based regional bank, which reported another quarterly loss Friday, continues to hire in the commercial-and-industrial lending sphere as it seeks to diversify its commercial real estate-heavy business.
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The lender's parent also said it is actively in preparation to move forward on plans to unlock equity value in 2025, with a Newrez spinoff among its options.
April 25 -
Doug Duncan may be retired from Fannie Mae, but not from the housing market—his new firm is ramping up with writing, speaking, and advisory work.
April 25 -
The way mortgage firms address distressed military borrowers will become less regimented as the Veterans Affairs Servicing Purchase program gets phased out.
April 25 -
The trend is not the norm but there are growing opportunities to buy for less in some areas many people gravitate to, real-estate brokerage Redfin found.
April 24