Thursday, January 21, 2010

Your Daily Dose from DSNews.com

Email not displaying correctly? View it in your browser.
DS News
The Federal Housing Administration (FHA) said Wednesday that it is raising homebuyers' up-front costs for mortgage insurance, tripling downpayment requirements for borrowers with low credit scores, and cutting seller concessions in half. The agency says the new policies will help it better manage loan risk and losses. According to FHA's latest monthly activity report, nearly 9 percent of the single-family mortgages it insures against default are at least 90 days past due. The record-high delinquency rate has sent the number of claims FHA has been forced to pay out skyrocketing and left its capital reserve fund depleted.
Read More

The nation's largest bank fell into a larger financial hole last quarter than analysts were expecting. Bank of America reported Wednesday that it lost $5.2 billion dollars in Q4, or $0.60 cents a share. Analysts had forecast a narrower $0.52 cents per share loss. While troubles in its mortgage business continued, Bank of America's new CEO said credit quality appears to be stabilizing, even improving.
Read More

For the week ending January 15, 2010, long-term mortgage rates fell back to 5 percent, and as a result, the volume of loan applications increased, according to the Weekly Mortgage Application Survey released Wednesday by the Mortgage Bankers Association (MBA). The Market Composite Index, a measure of total application volume, jumped 9.1 percent on a seasonally adjusted basis from the week prior, and on an unadjusted basis, the index gained 10.4 percent. Refinancings were up 10.7 percent, while requests for home purchases increased 9.8 percent.
Read More

Business appears to be improving on a quarter by quarter basis at Morgan Stanley, according to Wednesday's report on the company's full-year and fourth quarter results. In the fourth quarter of 2009, Morgan Stanley reported a net income of $617 million, or $0.29 per diluted share. As the second consecutive profitable month for the company, this jump in net income marks a notable increase from Morgan Stanley's net loss of $10.953 million in the fourth quarter of 2008.
Read More

LPS
You are receving this email because you opted in at our website dsnews.com or attended a Five Star Conference.

Unsubscribe roballey.434-974-5586@blogger.com from this list.

Corporate Office:
DS News
1909 Woodall Rodgers
Suite 300
Dallas, TX 75201

Add us to your address book
Washington Bureau:
1101 Pennsylvania Avenue NW
Suite 600
Washington, D.C. 20004

Copyright (C) 2009 DS News All rights reserved.



Forward this email to a friend
Update your profile
QUICK LINKS
DSNews.com
DS News' Red Book
DS News' Black Book
2009 Five Star Conference
DARE

0 comments:

Post a Comment

Pages

About me

Blog Archive