Yield-obsessed insurers are adopting an unconventional strategy: Instead of buying mortgage-backed bonds, they're buying the entire loans that underpin them. The trend has accelerated in recent years: Last year alone, insurers increased their mortgage holdings by 45%, or about $20 billion, according to an analysis by Ellington Management Group. Such loans typically don't qualify to be rolled into bonds guaranteed by Fannie Mae or Freddie Mac, the government-sponsored companies that guarantee most investors' mortgages in the United States. The borrowers are typically riskier, and investors owning the mortgages directly, rather than as part of a secured bond, means firms must…
Author: Private Lending Agent
At about 4.30pm, the Companies House updated its website to say that a liquidator, receiver or voluntary administrator had been appointed to E Cycles NZ Limited.The liquidators are Kieran Michael Jones and Stephen Cough.When the Herald visited, two Hoff Jones accountants were combing the store.They did not discuss activity inside the store.Advertisement Advertise on NZME.The Herald saw an accountant stick a sign in the window which read: “This business is temporarily closed. For any enquiries please contact admin@khovjones.co.nz.”Insolvency, forensic accounting and consulting firm Hob Jones has closed Bikes and Beyond, owned by Christian Hof Nielsen, husband of former Greens MP…
King Charles The new Labour government's plans for the next year will be read out in a speech to Parliament by King Charles today. The speech is expected to outline around 35 pieces of legislation that ministers plan to introduce over the coming months following Labour's victory in this month's general election. As well as housing and planning, the government's policy programme is expected to include measures on illegal immigration, workers' rights, new energy companies, railway nationalisation, crime and punishment, budgetary regulation, mental health, online safety, democracy and empowerment, and education. Housing and Planning Labour promised in its election manifesto…
As of June, the Canadian housing market is showing signs of recovery after a tough year, sparked by a strategic interest rate cut by the Bank of Canada that led to a 3.7% increase in home sales nationwide compared to May. After months of sluggish activity, the market is regaining steam. But for industry professionals, buyers, and sellers alike, the road ahead is fraught with uncertainty and challenges. But are the rate cuts enough? Is this the start of a rate-cutting cycle? Will things get worse before they get better? We look at the story behind the numbers and examine…
As Vancouver home prices continue to trend upward, the real estate industry is undergoing major changes. For younger generations, especially Gen Z and soon-to-be Gen Alpha, breaking into the housing market is an increasingly difficult milestone in life. However, there is an emerging strategic trend among Gen X and millennial parents to buy homes with their children's future in mind. According to the latest data from Statistics Canada, one in five homeowners in British Columbia born in the 1990s co-own their home with their parents, underscoring the urgency of investing in real estate now. Source: Statistics Canada This approach not…
WASHINGTON, DC (KGO) — The Department of Housing and Urban Development has sued a lender, an appraisal management company and an appraiser for racial discrimination and violations of the Fair Housing Act in the home appraisal process, the first since ABC7 News' groundbreaking reporting on the issue sparked a national debate and awareness.HUD announced in a statement Monday that it has filed charges against appraisal management company Rocket Mortgage Inc. and an appraiser for racial discrimination in connection with appraisals of properties belonging to Black homeowners in Denver.”Our America: Lowballed” follows Black and Latino families as they fight for fair…
David du Plessis Motto Mortgage opens new office in Nashua, New Hampshire, serving all markets throughout the state. Motto Mortgage Sail Home is now open, marking the first franchised office in the state for the Motto Mortgage brand. The new location will be managed by David Duplessis, who has 35 years of industry experience and has held positions at companies such as Wells Fargo Home Mortgage, HarborOne Mortgage, LeaderOne Financial, Preferred Mortgage Lending and Luminate Home Loans, Inc. “Mott Mortgage Sail Home offers a favorable alternative to the traditional mortgage bankers currently operating in Nashua,” du Plessis said in a…
PNC Financial Services Group Inc. reported a stronger-than-expected increase in gross nonperforming loans and net charge-offs in the second quarter. The bank said in its earnings release on Tuesday (July 16) that the increase was primarily due to higher commercial non-performing loans and higher commercial real estate (CRE) net charge-offs. “The credit environment continues to develop in line with our expectations and we maintain adequate reserves, including increased loan loss reserves within our CRE office portfolio,” PNC Chairman, President and CEO William S. Demchak said Tuesday during the bank's quarterly earnings call. “Outside of CRE office, credit quality has remained…
Auckland housing. Photo: 123rf Inflation in the June quarter fell more than the central bank (RNBZ) had expected, with one bank saying cuts to the official central bank rate (OCR) could start as early as next month. Annual inflation for the 12 months to June 2024 was 3.3%, slightly above the central bank's target of 1% to 3%. The central bank said in May it expected inflation to reach 3.6%. Tradable inflation, which is influenced by international prices, was just 0.3% in the year to June, while non-tradable domestic inflation was 5.4%, slightly higher than the central bank had expected.…
The International Monetary Fund (IMF) has issued a warning message to the global economy, particularly the US and UK. The warning? Fasten your seatbelts, because the recent interest rate hikes to combat inflation may keep things volatile for longer than expected. IMF predicts high interest rates for US and UK for a long time The news comes as central banks such as the Bank of England grapple with the delicate task of containing inflation without stifling economic growth. The Bank of England, for example, has been aggressively raising interest rates, which are now at a 16-year high of 5.25%. The…