H&R Block, hurt in the last year by exposure to subprime mortgage, reported a bigger-than-expected quarterly loss on Tuesday after closing its Option One Mortgage subprime lender.
That analysis looked at all mortgages reported to the federal government, not just those issued by companies identified as subprime lenders.
Fannie Mae, the nation's top source of home mortgages, reported a slightly better-than-expected 13percentt increase in third-quarter operating profit yesterday, propelled by strong growth in its loan portfolio.
This consisted of a mortgage eligibility checker called Mortgage Report, which claimed to give you a "hyper-personalised" view of your mortgage options, and the Burrow Mortgage Score to indicate how much each lender would be willing to lend and the right mortgage type (e.g. fixed, variable, capital repayment, interest only mortgage).
There were no signs of a summer lull in the housing market, with mortgage lenders reporting the value of home loans was up by 28% year-on-year in August.
The Mortgage Bankers Association reported a rise in mortgage defaults and activity in home foreclosures in the subprime market, which lends to borrowers with weak credit.
For the week, the average rate on 30-year mortgages slid to 5.82percentt, down from 5.88percentthehe previous week, Freddie Mac, the mortgage giant, reported in its nationwide survey of mortgage rates.
The Mortgage Bankers Association reported an increase in weekly mortgage applications last week, thanks to a decline in interest rates.
The average interest rate on fixed-rate 30-year mortgages fell to 5.82percentthis weekek, Freddie Mac, the mortgage company, reported today in its weekly nationwide survey.
Wells Fargo, the biggest American mortgage lender, reported a 13 percent rise in third-quarter profit, but its mortgage banking income fell sharply as the refinancing boom began to fade.
