Atlanta-based home builder Beazer Homes has created a real estate investment trust to buy, renovate and rent single-family homes, The Wall Street Journal reported May 8. Beazer plans to make an initial public offering when assets reach at least $ 150 million.
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Fannie Mae had a profitable first quarter, earning $ 3 billion in comprehensive income, but it paid $ 2.8 billion in dividends to the U.S. Department of the Treasury, American Banker reported May 9. Fannie expects profits to remain strong and noted that it shouldn’t require taxpayer funding in the near term.
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Freddie Mac announced May 10 that its new chief executive will be Donald Layton, former CEO of online brokerage E*Trade Financial Corp., The Wall Street Journal reported.
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Despite criticism from community bankers and some lawmakers about overzealous bank examiners, Federal Reserve Board Chairman Ben Bernanke defended the bank’s examination personnel, saying recent review indicates that they are acting appropriately, American Banker reported May 10. “The Federal Reserve takes seriously its responsibility to ensure that supervisory actions to protect banks’ safety and soundness do not unintentionally constrain lending to creditworthy borrowers,” Bernanke said.
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The Federal Deposit Insurance Corporation will implement a new strategy for handling large banks that are failing, FDIC Acting Chairman Martin Gruenberg announced at the Federal Reserve Bank of Chicago Conference May 10, USA Today reported. The FDIC’s new strategy would involve taking over the failing bank’s parent company while allowing healthy subsidiaries to continue operating.
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Interest rates on fixed mortgages hit all-time record lows, which Freddie Mac said was helping to keep homebuyer affordability high, according to its weekly Primary Mortgage Market Survey released May 3. The 30-year fixed-rate mortgage slipped 0.04 percentage points from the previous week to 3.84 percent. The 15-year rate fell 0.05 percentage points to 3.07 percent.
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Wells Fargo maintained its position as the largest residential mortgage lender in the U.S. during the first quarter 2012, Bloomberg reported May 2. The bank originated more than one third of all residential mortgages.
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There were 198,000 completed foreclosures in the first quarter of 2012, down from 2011’s first quarter total of 232,000 units, analytics firm CoreLogic reported in its March 2012 National Foreclosure Report released May 1. Completed foreclosures in March totaled 69,000 units, up from 66,000 units the previous month, but down from 85,000 units year-over-year.
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Wells Fargo announced that, as part of its effort to add high-quality assets to its balance sheet, the bank will give underwriters greater control over approving mortgages that the bank retains in its own portfolio, American Banker reported May 1.
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Freddie Mac reported a net profit of $ 577 million in the first quarter 2012 but requested $ 19 million in federal aid after paying out $ 1.81 billion in dividends to the Treasury Department, the government-sponsored enterprise announced May 3.
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