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ARMs Create a Challenge for Downey Financial.
Newport Beach, CA -- Mortgage lender Downey Financial saw its nonperforming assets increase to $388 million at the end of October, a 50% jump in just three months time.
The California-based thrift a big player in the ARM market reported that 2.74% of its $14.18 billion in assets were nonperforming at the end of October compared to 1.77% at the end of July. (At the end of July it had reported assets of $14.66 billion.)
In a research note, Credit Suisse said, With ARM resets looming, coupled with declining home prices, borrowers are finding it much more difficult to refinance existing loans, exacerbating Downeys delinquency problem.
Among ...
- Downey Financial Corp. Announces Thirteen Month Selected Financial Data.
- Press release article from: PR Newswire November 16, 2004 700+ words
...economic hedge of our mortgage servicing rights. During...approximately 80% of our mortgage servicing rights. Due to...the sale of the mortgage servicing rights, we sold...economic hedge. Downey Financial Corp. is the parent...
- Downey Financial Corp. Facing Questions on MSRs, Insider Sales.
- Magazine article from: National Mortgage News Cornwell, Ted August 5, 2002 700+ words
...call with investors, Downey Financial Corp., Newport Beach...about its management of mortgage servicing rights and its policy...modern about hedging your mortgage servicing portfolio," Mr. Egan...it does not hedge its mortgage servicing rights, saying that the...
- Calif. Thrift's No-Hedge Plan Sparks Debate.(Downey Financial Corp.)(Brief...
- Magazine article from: American Banker Mandaro, Laura July 22, 2002 700+ words
...Second-quarter profits at Downey Financial Corp., like those at some...lenders, were depressed by a mortgage servicing impairment, as low interest...that happens, the value of mortgage servicing portfolios will also rise...
- A Holdout on Service Hedging Switches Sides.(Downey Financial Corp.)
- Magazine article from: American Banker Mandaro, Laura June 18, 2003 700+ words
...cut in interest rates, Downey Financial Corp. of Newport Beach...wouldn't -- hedge its mortgage servicing rights portfolio. The...against the value of our mortgage servicing rights," Downey said...declining rates does to their mortgage servicing rights. Downey's ...
- Downey Financial Corp. Announces Senior Management Transition.
- Press release article from: PR Newswire January 23, 2004 700+ words
...of the Board of Downey Financial Corp. announced...Officer of both Downey Financial Corp. and Downey...portfolio products, mortgage servicing assets, conduit...opportunities." Downey Financial Corp., headquartered...
- Revamped Downey Cited In M&A Talk.(Downey Financial Inc. )
- Magazine article from: American Banker Cole, Jim May 24, 2005 700+ words
Downey Financial Inc. was the subject...because of its mortgage servicing rights portfolio...used to hedge the mortgage servicing rights. At the...18 million of mortgage servicing rights, against...
- Downey Financial Misses 4th Q Target.(Brief Article)
- Magazine article from: Mortgage Servicing News March 1, 2004 700+ words
Downey Financial Corp. here reported that net...securities that were intended to hedge mortgage servicing rights contributed to the decline...of the valuation allowance for mortgage servicing rights during the fourth quarter...
- Double Blow From Rates For Downey.(Downey Financial Corp.)
- Magazine article from: American Banker Julavits, Robert April 19, 2004 700+ words
Downey Financial Corp.'s earnings report offered the most acute example to date...it took a $12.9 million impairment charge on the value of its mortgage servicing rights because of a drop in long-term rates. Per-share earnings...