Reports Suggest Broader Losses From Mortgages
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Economists say mortgage market troubles could, all told, cost financial firms and investors up to $400 billion.
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The pace of job losses in mortgage lending slowed in December, as some companies shifted workers to other areas of financial services, but the losses may pick up again in the new year as the U.S. housing market continues to weaken and credit remains tight.
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KB Home posted a wider-than- expected quarterly loss on Thursday on write-downs for land values and 28 percent fewer homes sold, as a swelling supply of new and existing homes and tighter mortgages kept buyers sidelined.
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The bigger-than-expected write-down of its mortgage portfolio led to a quarterly loss of $859 million, the bank said.
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The sharp increases provide more evidence that the troubles in the housing and mortgage markets may prove long-lived.
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Borrowers should be wary of programs that play off their fears of losing their homes when mortgage rates reset to significantly higher levels.
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Countrywide Financial Corp , the battered mortgage lender being acquired by Bank of America Corp , posted a larger-than-expected fourth-quarter loss on Tuesday, as a sinking housing market caused more borrowers to fall behind on payments.
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Business & money: Analysts fear worse figures are on the way after lenders repossess 27,000 homes
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LOS ANGELES -- Countrywide Financial Corp., the nation's largest mortgage lender, said Tuesday it swung to a loss in the fourth quarter due to rising loss provisions and impairment charges as more borrowers fell behind on mortgage payments. The earnings fell well short of Wall Street estimates.
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With prices falling, home sellers might have to accept lower prices than they had hoped for, while buyers might find it tougher to qualify for a mortgage.
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Rising interest rates hurt the value of hedges it holds to protect profits on its mortgage portfolio.
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The mortgage lender posted a fourth-quarter loss of $509.1 million as it raised its loan-loss provisions to account for growing defaults and foreclosures.
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The number of Americans who may lose their homes because of late mortgage payments rose to a record in the first quarter, led by subprime borrowers pinched in an economy that grew at the slowest pace in four years.
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Stocks extended losses on Tuesday, driving all three major indexes down more than 1 percent, as mounting losses in the subprime mortgage sector caused investors to sell riskier assets.
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New fallout from the United States housing slump hit mortgage and real estate companies yesterday as the subprime lender NovaStar Financial and the title insurer the First American Corporation announced job cuts, and NovaStarâs auditor expressed doubt that the company would survive.
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The subprime-lending crisis may affect us non-subprime folks, too.
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U.S. stocks took a beating yesterday largely because poor earnings from one of the nation's largest mortgage lenders renewed concerns about whether the housing downturn could damage the broader economy.