The Mortgage Bankers Association said they tumbled 10.5% last week, the biggest fall-off in four months. While the foreclosure crisis may be playing a role in the decline, rising interest rates are also partly to blame.
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Some big investors, including Pacific Investment Management Co. and the Federal Reserve Bank of New York, want to force the largest U.S. bank, by assets, to buy back as much as $47 billion in mortgage-related bonds.
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The crisis could hit bank earnings in several ways, not all of them directly related to the foreclosure problem. One big risk is “putbacks,” the faulty loans banks could be forced to repurchase. JPMorgan puts that cost at up to…
Even as the impact of the ongoing debacle slowly unfolds, it’s not too early to tote up a list of 10 far-reaching developments that have already happened. None bodes well for the U.S. housing market, banks or economy.
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JPMorgan Chase kicks off earnings season for the financial sector Thursday, and investors will be keen to see whether a pick-up in mergers and acquisitions has offset an industry-wide drop-off in trading activity.
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