Move lawsuit against Zillow clears contempt hurdle with settlement

Move lawsuit against Zillow clears contempt hurdle with settlement

Move declares "full steam ahead" in prosecution

Twitter roundup of this week's top housing articles

CFPB heads up the list

Shaky housing market about to get even shakier

When will we all stop kidding ourselves?
W S

Flagstar's Non-Performing Assets Top $1.1 Billion

/ Print / Reprints /
| Share More
/ Text Size+
Mortgage loan production at Flagstar Bank is up in Q209 from a year earlier, but non-performing mortgages and loan charge-offs continue to soar. The bank's loan production -- primarily agency residential first mortgages -- fell to $9.3bn in Q209 from $9.5bn in the previous quarter, but is up 13% from $8.2bn in the year-ago quarter. Flagstar Bancorp (FBC), holding company for Flagstar Bank, posted $76.6m in Q209 net loss, compared with $67.4m in the previous quarter. Flagstar took $117.7m of net loan charge-offs in the quarter, up from $68.2m in Q109 and nearly ten times the $11.2m of charge-offs taken in the year-ago quarter. Meanwhile, the provision for loan losses fell to $125.7m in Q209, from $158.2m in the previous quarter. Residential first mortgages accounted for $588.2m of the bank's total $1.1bn in non-performing assets at the end of Q209. Non-performing mortgages rose more than 150% from $232.6m in the year-ago period while total non-performing assets grew by 120% from $500m. Write to Diana Golobay. Disclaimer: The author held no relevant investments when this story was published.

Recent Articles by Diana Golobay

Comments powered by Disqus