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PERSONAL
FINANCE |
Fannie Mae portfolio grows, delinquencies decline
(Reuters)
Reuters - Fannie Mae expanded its mortgage portfolio in June, while the rate of late payments on loans it guarantees fell in May to the lowest level this year, the largest U.S. home loan purchaser said on Friday.
PMI Group narrows loss, but shares tumble
(AP)
AP - PMI Group Inc. on Thursday reported a nearly $151 million loss, narrower than a year ago but far wider than Wall Street expected. Shares of the mortgage insurer tumbled nearly 15 percent.
Reverse Mortgages Aren't Catching On
(U.S. News & World Report)
U.S. News & World Report - The reverse mortgage industry, hammered for high fees and high pressure sales tactics, has steadily improved its procedures and its image. Loan fees and interest rates have been lowered, consumer disclosure has improved, and the federal government's insured reverse mortgage program has provided stability and credibility to the industry. A-list lenders have expanded their presence in the market; Wells Fargo and Bank America are the nation's top two reverse mortgage lenders.
Citigroup settles charges over misleading investors
(AFP)
 AFP - US bank Citigroup agreed Thursday to pay a 75-million-dollar fine to settle charges it misled investors about exposure to subprime mortgage-related assets, the Securities and Exchange Commission said.
Congress to try to recoup Fannie, Freddie costs
(AP)
AP - Lawmakers plan to study ways to get back some of the $145 billion the government has pumped into giant mortgage buyers Fannie Mae and Freddie Mac.
NY AG announces probe of life insurance industry
(AP)
AP - State Attorney General Andrew Cuomo said Thursday that he had opened a fraud investigation into how life insurers pay out benefits after policyholders die.
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