Signs of Strength at Fannie
Secondary activity jumped by more than half at the Federal National Mortgage Association, while the company's managed loan portfolio increased by more than $30 billion. Residential and apartment late payments, however, have yet to show an improvement.
Countrywide Agrees to Massive Settlement
Countrywide Financial Corp. has agreed to settle allegations of investor fraud with New York for $600 million.
Contraction Returns to Mortgage Employment
Following a strong showing in February, the number of mortgage jobs retreated.
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Mortgage Market Strengthens
Mortgage rates fell and could fall further, while mortgage activity improved for the second week in a row. As the jumbo spread narrowed, adjustable-rate mortgages became more attractive.
FDIC Steps Up Regulatory Actions
Regulatory actions by the Federal Deposit Insurance Corporation against banks and thrifts jumped more than a third on a monthly basis and have more than doubled on a year-over-year basis.
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SEC Sues Sachs over Subprime Securities
Goldman, Sachs & Co. and one of its vice presidents have been charged by the government with defrauding investors on subprime securities, and one Wall Street fixture has an opnion about the case.
In a news release today, the Securities and Exchange Commission announced that it filed a complaint Thursday in U.S. District Court for the Southern District of New York against Goldman and co-defendant Fabrice Tourre.
"Goldman Sachs structured and marketed a synthetic collateralized debt obligation that hinged on the performance of subprime residential mortgage-backed securities," the SEC stated.
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