Federal regulators say they’re giving Fannie Mae and Freddie Mac additional leeway to buy up to $200 billion in mortgages and mortgage-backed securities by relaxing stringent capital requirements put in place in 2004 in the wake of management and accounting scandals. more…
Tags: Industry News · Inman Real Estate · Mortgages · capital · fannie mae · freddie mac · mortgage-backed securities · ofheo · refinancing · subprime
Private mortgage insurer PMI Group Inc. acknowledged it will need to raise "significant additional capital" in order to continue writing new business after posting a $1 billion net loss in the fourth quarter — much of it through its ownership stake in troubled bond insurer FGIC Corp.
Although PMIs own mortgage insurance operations generated a $236 million net loss in the final quarter of 2007, it was the company’s 42 percent stake in FGIC that put the biggest dent in the company’s bottom line, accounting for $776.1 million of the net loss for the quarter. PMI’s net loss for the full year was $915.3 million. more…
Tags: Industry News · Inman Real Estate · Mortgages · bond insurer · capital · downgrade · fgic · mortgage insurance · pmi · ratings