Possible Supreme Court win on profits for GSEs dwarfs coronavirus woes
B. Riley FBR raised its ratings for both Fannie Mae and Freddie Mac to sell from neutral on the possibility the net worth sweep is declared illegal.
Earnings
Fed’s support for corporate debt has been a Wall Street bonanza
The Federal Reserve's extraordinary effort to keep credit flowing to companies during the COVID-19 pandemic is also shunting money to banks' bottom lines.
Most lenders believe profits will rise in second quarter: Fannie Mae
The expected rise in refinance volume overrides pessimism about purchase activity for their businesses.
Fed warns corporate debt risk could soar as pandemic stretches on
The central bank's Financial Stability Report said companies may face difficulties repaying debt given lower earnings, “which could trigger a sizable increase in firm defaults."
5 questions for Radian’s CEO on preparing for an onslaught of defaults
Rick Thornberry is looking to the lessons from the Great Recession and applying them to current conditions.
Coronavirus stifles Ocwen’s momentum in 1Q, casts shadow on future
After ending 2019 on a high note, Ocwen Financial posted an income loss in the first quarter due to the unexpected costs and volatility created by COVID-19.
Stand-alone MIs have strong 1Q, but coronavirus makes the future murky
Three of the four had fewer new notices of delinquency for the quarter, but that should change going forward.
Loans, deposits soared in March, but banks’ health is weakening: Fed
The Federal Reserve also said in a supervisory report released Friday that it would conduct stress tests this quarter as planned, taking into account sudden deterioration in the economy brought on by the coronavirus pandemic.
Profits drop in 1Q, but Freddie Mac is ‘withstanding the crisis’
While Freddie Mac stabilized liquidity in mortgage markets, coronavirus-related credit losses drove the GSE's income down in the first quarter of 2020.
Coronavirus puts new spin on crisis-era MSR valuations
Declines in mortgage servicing rights valuations at JPMorgan Chase and Wells Fargo point to the resurgence of a dilemma that came up during the last downturn.
Visa says consumer spending has ‘sharply declined,’ even online
The company once again lowered its outlook for quarterly revenue growth, saying the coronavirus pandemic has led to a sharp decline in cardholders’ overseas spending.
Mortgage insurers should weather defaults from the coronavirus: KBW
The impending wave of loan delinquencies because of the coronavirus hurt private mortgage insurer earnings, but the companies will still have sufficient capital, a Keefe, Bruyette & Woods report said.
End of a New Residential subservicing agreement to benefit Ocwen
The cancellation by New Residential of a money-losing subservicing agreement should benefit Ocwen's financial results going forward, the company said.
Freddie Mac earnings mixed as it builds net worth
Freddie Mac saw a decline in net profit in 2019 due to decreased interest rate income, lower amortization revenue and risk-reducing investment costs, but its consecutive-quarter results improved.
Fannie Mae rededicates itself to hedge accounting, multifamily CAS
Fannie Mae identified the adoption of hedge accounting and regular issuance of multifamily Connecticut Avenue Securities deals as among strategies it could continue to pursue while navigating regulatory uncertainties and change. “While we cannot be certain that the company will exit FHFA conservatorship, the actions we are undertaking position us to be stronger regardless of […]
New Santander Consumer chief: Fiat partnership is still main focus
Loans made for Fiat Chrysler represented the largest chunk of Santander Consumer's lending in the fourth quarter, and Mahesh Aditya said their relationship is his top priority.
Lower volatility from mortgages supports Flagstar’s 4Q results
Flasgstar Bancorp's mixed results in its fourth-quarter earnings report are a sign strategic shifts it made to make its earnings less volatile are working.
Fannie Mae’s risk management advances support stable earnings in 3Q
A risk management model revision that decreased single-family loan-loss allowances and a strong mortgage lending environment contributed to consistent earnings results at Fannie Mae in the third quarter.
Freddie Mac plans to push hard toward conservatorship exit
Freddie Mac will make haste to leave conservatorship in line with new regulatory directives, but it's uncertain how quickly it can move, CEO David Brickman said in an earnings call.
Fannie and Freddie get to keep their earnings. Now what?
Allowing the mortgage giants to retain profits resolves a short-term capital shortfall, but how much capital they would need after exiting conservatorship is still the bigger question.
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