Mortgage Lenders Reduce Dividends

The L.A.Times reports a potential trend:

Two Southland mortgage lenders slashed their stock dividend payments Tuesday, another sign of the squeeze on industry profits fueled by rising short-term interest rates, intense competition and worries about loan quality.

Impac Mortgage Holdings Inc. of Newport Beach cut its quarterly dividend from 75 cents a share to 45 cents, citing reduced earnings expectations in the current quarter.

The Fed's raising rates is affecting things.Read the whole article.