Over the past two years, PHH has lost $347 million, much of it caused by a private-label origination model that has fallen on hard times and rapidly declining interest rates…
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In a few weeks, almost all of that profit will be swept into the coffers of the U.S. Treasury, which supported the GSE during its money losing years...
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In a conference call with reporters Friday morning, Fannie CEO Tim Mayopoulos noted: “While we expect to remain profitable on an annual basis for the foreseeable future, due to our declining and limited capital reserves and the potential for significant volatility in our financial results, we could experience a net worth deficit in a future quarter.”
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