Fannie Mae acquired $58.4 billion of mortgages from its seller/servicers in October, its best purchase month since January and a sign that low rates are starting to spur new activity in the primary market.
Coordinated Central Bank actions aimed at easing European financial concerns gave most industry stocks a lift Wednesday morning as the Dow rose more than 400 points.
In a worst case scenario investors in bonds issued by The PMI Group could lose upwards of $737 million because the notes are considered “unsecured” according to court papers issued in the mortgage insurer’s bankruptcy filing.
New home sales rose 1.3% in October after September sales were revised downward, according to new government figures released Monday.
New optimism about the possibility of plans to address Europe’s fiscal concerns boosted most industry stock values.
Rep. Barney Frank, D-Mass., will announce today that he will not seek re-election next year, capping a 32-year career in Congress, a spokesman said Monday.
The PMI Group Inc., Walnut Creek, Calif., has filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the District of Delaware.
