When John Bichelmeyer’s mutual fund fell 48 percent in 2008, he decided his portfolio needed an upgrade. The Buffalo Emerging Opportunities Fund would still invest in small companies with the potential to become big ones. What it wouldn’t do is invest in businesses that were burning cash, or in biotechnology firms whose prospects were difficult to gauge, Bloomberg Markets magazine will report in its April issue.
The Federal Housing Administration will take a taxpayer subsidy for the first time in its 79-year history after efforts to improve its bottom line failed to offset losses on loans backed during the housing bubble, according to three people familiar with the matter.
President Barack Obama’s fiscal-year 2015 budget projects the Federal Housing Administration won’t require a taxpayer subsidy this year as the agency’s efforts to shore up its finances have offset losses from defaulted loans.
Six U.S. mortgage insurers, including units of Radian Group Inc. and Genworth Financial Inc., formed a lobbying association to push for a broader role for the industry in a revamped housing-finance system.