Corporate finance

Freddie Mac shares rose to $4.14 at 12:30 p.m. in New York Friday, Fannie Mae's stock climbed to about $4.23, each up 22% from the previous day's close.

Mortgage originators should expect more of those interest rate dips that took place in September, but when they happen is the unknown factor, economists said.

Lower rates during the period helped independent mortgage bankers make money on their originations but they posted losses on servicing.

The Dallas-based bank swung to a loss in the third quarter after reclassifying a large bundle of multifamily loans that it plans to offload under a recently announced strategy pivot.

The Federal Housing Finance Agency issued a proposed rule for the Federal Home Loan Bank System that allows the FHFA director to set "reasonable" board compensation.

Analysts peppered CEO Jane Fraser with questions about whether Citigroup, already hit hard by its regulators, could face asset growth restrictions. She said there is "absolutely nothing" in the works that could impact the megabank's businesses.

The megabank's scale hasn't made it immune from the deposit wars that have crimped bank profits. But the "stabilization" that Wells Fargo flagged is a positive sign as other banks start reporting earnings.

The megabank reported a big increase in credit costs for the third quarter, which included a reserve build of $1 billion.

The Federal Housing Finance Agency has proposed a change to capital rules on interest-bearing deposit accounts that would increase the Federal Home Loan Banks' flexibility to manage liquidity during times of stress.

Federal Reserve Vice Chair for Supervision Michael Barr conceded major points to the industry on last year's capital reform proposal. But how regulators will approach other reforms in light of that experience is uncertain.

Home Loan bank executives said Congress would have to pass a law for the system to increase its affordable housing contribution above 10% of earnings.

The Canadian lender's cushion for potential credit losses nearly doubled in the third quarter, while its U.S. business idled.

The Kansas City, Missouri-based regional bank said it is making progress on its pending purchase of Heartland Financial USA in Denver. The deal is expected to close during the first quarter of 2025.

While the REIT still seeks to grow servicing, it's been willing to sell for the right price as it responds to new rate-related risks and opportunities.

The Hammond, Louisiana, company, which announced changes to its business strategy, cut 71 jobs and reduced its dividend to 8 cents per share.

First Foundation in Dallas recently got a $228 million capital injection led by Fortress Investment Group. Now it's announced plans to pivot away from its heavy focus on multifamily loans, which lost value as interest rates rose.

ACNB is acquiring Traditions Bancorp in an in-market deal where the latter's mortgage ops will add to its insurance and wealth management units.

For at least the fifth consecutive quarter, the Providence, Rhode Island, company increased its allowance for credit losses on general office loans, which continue to be a problem area for banks.

The Charlotte, North Carolina-based bank saw profits and net interest income dip in the second quarter, but made up lost revenue through investment banking fees.

The investment banking giant said that it will "moderate" its pace of share repurchases as it continues to talk to the Federal Reserve, which recently increased its stress capital buffer from 5.5% to 6.4%.