Overall delinquencies drop despite uptick in short-term distress

Seasonally-adjusted delinquencies tracked by the Mortgage Bankers Association set another record low in the second quarter even though a separate monthly study showed payments late by 30-to-59 days rose. The number of borrowers with short-term delinquencies rose to 232,253 from 229,462 in May, according to the Federal Housing Finance Agency. Despite this, the overall seasonally-adjusted … Read more

Impac’s losses in 2Q grow as volume, margins drop

Losses widened at Impac Mortgage Holdings as the ongoing secondary market dislocation and a competitive landscape curtailed origination activities. Impac lost $13.5 million in the second quarter, compared with a loss of $1.2 million in the first quarter and $8.6 million in the second quarter of 2021. Operating losses for the most recent period was … Read more

Mumbai sees drop in daily Covid-19 count; reports 683 new cases, one death

Mumbai on Thursday reported 683 new coronavirus positive cases, 169 less than the previous day, while one patient succumbed to the infection, the Brihanmumbai Municipal Corporation (BMC) said. With this addition, the city’s infection tally surged to 11,29,968 and the death toll to 19,662. On Wednesday, the city had recorded 852 … Read more

Taiwan security officials want Foxconn to drop stake in Chinese chipmaker

Taiwanese national security officials want to force Apple supplier Foxconn to unwind an $800mn investment in Chinese chip company Tsinghua Unigroup, as Taipei seeks to align itself more closely with the US in the face of escalating threats from Beijing. The investment by Foxconn, the world’s largest contract electronics manufacturer and the biggest private-sector employer … Read more

Equity mutual fund inflows record 42% drop in July, shows AMFI data

As Nifty recovered by nine per cent in July, net inflows in equity mutual funds dropped 42.6 per cent month-on-month to Rs 8,898.25 crore. In June, when the Nifty hit a record 52-week low, inflows in equity MFs were at Rs 15,497.76 crore, according to the data released by the Association of Mutual Funds in … Read more

Stocks Face Subdued Open as US Futures, Oil Drop: Markets Wrap

(Bloomberg) — Stocks in Asia look set for a cautious start on Monday following a jump in Treasury yields and the dollar on expectations of further aggressive Federal Reserve interest-rate hikes to tame elevated inflation. Most Read from Bloomberg Futures dipped for Japan, Australia and Hong Kong, while S&P 500 and Nasdaq 100 contracts declined. … Read more

Little-Known Stock’s 32,000% Surge Ends With $175 Billlion Drop

(Bloomberg) — Even after a retail frenzy that saw GameStop Corp. become the hottest stock in the world and a dog-themed joke cryptocurrency gain billions in value, the whirlwind trading in an obscure Hong Kong financial business stands out as spectacular. Most Read from Bloomberg The rapid rise of AMTD Digital Inc. — a barely … Read more

US government bonds and stocks drop after hot jobs report

US government bonds and stocks sold off on Friday after employment data showed red hot labour conditions, leading traders to boost their expectations for Federal Reserve rate increases. Treasury yields shot higher after the closely watched US jobs report showed employers added 528,000 jobs in July, more than double the 250,000 expected by economists and … Read more

Drop in rates leads to uptick in mortgage applications

US mortgage application activity has picked up for the week ending July 29, with the overall loan application volume climbing by 1.2% from the previous week. The uptick comes as the average 30-year mortgage rate decreased 24 basis points to 5.54%. The Mortgage Bankers Association’s refinance index rose two percentage points week over week, and … Read more