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Volume 7 - Number 10 | May 9, 2008
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Mortgage Banking Turns in Third Straight Loss, But Shows Signs of Improvement
A handful of the mortgage industry’s biggest players continued to drag down industry profitability during the first quarter of 2008, but most lenders saw measurable improvement, according to a new analysis by Inside Mortgage Profitability. A representative sample...


Vacant Properties Have Detrimental Effect on Neighborhoods and Lenders’ Bottom Lines
The cost of maintaining rapidly rising REO inventories is adding to lenders’ and investors’ foreclosure woes as the number of vacant homes across the country continues to rise. The latest report on homeownership from the U.S. Census Bureau shows that the nation’s...


Bank of America Says It Won’t Guarantee Debt, Throwing Countrywide Merger Into Doubt
A dark cloud formed over Bank of America’s proposed acquisition of Countrywide Financial Corp. after the bank said that it may not guarantee CFC’s debt, raising the possibility that the deal could be renegotiated…or fall apart. “There is no assurance that...


FHA Lending Gaining Larger Share of a Smaller Pie, But Increased Risks Could Cut Into Profitability
As lenders and investors flee to safe harbors, loans insured by the Federal Housing Administration are looking more attractive, and some think they could capture more than a quarter of the mortgage market by the end of the year. But it’s unclear how...


ResCap Struggles to Stay Afloat After Six Losing Quarters; Parent GMAC Considers Options
After suffering its sixth consecutive losing quarter, Residential Capital LLC, GMAC’s mortgage finance unit, has been forced to buy back or exchange $14 billion worth of bonds as part of its strategy to stay afloat. Late last month, ResCap recorded...

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