There are signs that the “adverse market refinance fee” is pushing some business away from Fannie and Freddie toward government mortgage insurance programs. (Includes two data charts.)

Income accounts for 80% of the valuation gap between homes owned by whites and minorities, while 20% can be attributed to current or past racial bias, according to the American Enterprise Institute.

The company, which buys and sells homes directly, cautioned that it may not have sufficient cash flow from its businesses to pay down its substantial debt.