Wachovia Corp's stock price slid 27% Friday as investors worried about the company's portfolio of payment-option adjustable-rate mortgages and the uncertainty regarding financial bailout legislation. At the close of trading on Friday, Wachovia's shares were trading at $10.00, down $3.70 from the opening price. Wachovia has an option ARM portfolio that averaged $122 billion in size during the second quarter. National City Corp. also saw its shares tumble on Friday, closing at $3.71, down 26% on the day. Trading volume was more than 10 times higher than the company's average daily volume. National City does not have significant option ARM exposure, but it does have significant mortgage, home equity, and construction loan exposure.
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State housing finance agencies had a resurgent fiscal 2023 and the recent fed funds rate reduction could have a mixed impact on them, Fitch Ratings said.
September 27 -
The Federal Housing Finance Agency issued guidance to ensure the Federal Home Loan Banks are lending based on the credit worthiness of the member bank, not solely on the quality of the collateral.
September 27 -
Some recipients of the new multimillion-dollar funding announced this week include several organizations partnering with historically Black colleges and universities.
September 27 -
Specialized Loan Servicing allegedly charged borrowers $7.50 for processing mortgage payments made by phone. Most servicers, including Newrez, have axed this fee.
September 27 -
Democratic Gov. Gavin Newsom signed measures designed to bolster consumer protection rules. The bills target several issues that have also been percolating at the federal level.
September 26 -
The 13 largest homeowners insurance underwriters denied almost half of their climate-related claims last year, adding to property owner and mortgage servicer woes.
September 26