WASHINGTON - (10/11/05) -- Secondary mortgage market giantFannie Mae reported Friday it expects hurricanes Katrina and Ritato lead to as much as $550 million in after-tax losses for thethird quarter. Fannie said storm-related losses on home mortgagesit holds in its portfolio, on mortgage backed securities itguarantees, and on property it owns in the affected areas, couldrange from $250 million to $550 million, based on its assessment ofdamages and exposure in the hurricane-affected areas. Those figurescould be increased or reduced as more or better information emergesabout the extent of the damages in the Gulf Coast, Fannie said. Theloss estimates came a day after Freddie Mac reported itsstorms-related losses were projected at $150 million to as much as$300 million.
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The Philadelphia-based bank's parent company, Republic First Bancshares, had been roiled by a yearslong proxy battle involving activist investors groups and its former CEO.
April 26 -
The Wyoming-based digital asset bank filed paperwork to challenge last month's district court ruling, which affirmed the Federal Reserve's view about its discretion over master account applications.
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The former head of the Consumer Financial Protection Bureau resigned Friday after the troubled rollout of the Free Application for Federal Student Aid led some House Republicans to call for his resignation.
April 26 -
The San Antonio-based bank said that loan growth, fueled in part by its expansion in key Texas markets, may compensate for pressure on deposits. It slashed the number of rate cuts it expects this year from five to two.
April 26 -
Mississippi's Renasant names its next CEO; environmental fintech Aspiration Partners spins out its consumer brand; the OCC adds five weeks to comment period for Capital One-Discover merger; and more in the weekly banking news roundup.
April 26 -
The Wisconsin banking company forecasted loan growth of 4% to 6% for the full year, driven by an expansion into new commercial and consumer credit lines as well as enduring economic strength in the Midwest.
April 26