During the third quarter, Fannie Mae and Freddie Mac purchased $342.3 billion in mortgages and mortgage-backed securities, up about 3 percent from the prior quarter,… Read More »Fannie and Freddie Increase Market Share
The Federal Reserve cut key interest rates by a quarter point Wednesday, citing the need to support the distressed housing and financial sectors. The federal… Read More »Fed Lowers Key Interest Rates by Quarter Point
According to the Mortgage Bankers Association’s weekly survey, mortgage application volume increased 3.8 percent during the week ended October 26. Much of the growth was… Read More »Chase, MBA Mortgage Application Volume Jumps
In a lawsuit filed Monday in Los Angeles Superior Court, a pension fund accused CEO Angelo Mozilo and many other Countrywide executives of gross mismanagement… Read More »Countrywide Shareholders Sue Mozilo, Executives
PMI Group, the second-largest mortgage insurer in the U.S., reported a third-quarter loss of $86.8 million, or $1.04 a share, beating revised estimates by a… Read More »PMI Group Reports First Loss in 17 Years
It’s been reported that WMC Mortgage, the wholesale residential subprime and Alt-A mortgage unit of GE Money, laid off the majority of its staff yesterday,… Read More »WMC Mortgage Cuts Most of Staff
Just days after Countrywide stock surged on news that profits would return as soon as the fourth quarter of 2008, some analysts covering the struggling… Read More »Countrywide Analysts Not Convinced of Quick Turnaround
According to DataQuick,, mortgage lenders sent a record 72,571 “notices of default” to California borrowers during the third quarter, easily smashing the previous record of… Read More »California Mortgage Defaults Hit Record in Third Quarter
The top U.S. mortgage lender reported third-quarter earnings this morning, revealing a $1.2 billion loss, its first quarterly loss in 25 years. But shares of… Read More »Countrywide Reports $1.2 Billion Loss, Shares Jump
So you’ve probably heard all about the mortgage rate resets that will occur over the next decade, but now you can see them in colorful… Read More »Interest Rate Reset Chart
