Accredited Home Lenders Holding Co., a San Diego-based nonprime mortgage company, and its Accredited Mortgage Loan REIT Trust subsidiary have announced plans to delist and deregister the subsidiary's preferred shares from the New York Stock Exchange.The real estate investment trust subsidiary has provided written notice to the NYSE of its intent to voluntarily delist its 9.75% series A perpetual cumulative preferred shares. "Current market conditions do not warrant the significant annual costs associated with our being a reporting company," said James A. Konrath, chairman and chief executive officer of the parent and subsidiary companies. "Our board of directors and board of trustees believe it is prudent to use these funds to enhance Accredited's and REIT's financial performance." Accredited can be found on the Web at http://www.accredhome.com.
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The five states with the lowest property taxes have an average effective real-estate tax rate of 0.44%.
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Ohio-based Liberty Home Mortgage joins several companies who started using a more modernized FICO credit score for nonconforming mortgage originations recently.
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The CFPB has dissolved the Office of Supervision, Enforcement and Fair Lending and eliminated the job of associate director in a move that impacts how it designates nonbanks for supervision.
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The plan that the Federal Housing Finance Agency floated calls for Freddie Mac to actively invest in some new closed-end seconds as cash-out refinancing subsides.
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The push comes amid what one expert highlighted as lax funding efforts for two Department of Housing and Urban Development grant programs.
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Conventional lending drove volumes higher, particularly in the purchase market, the Mortgage Bankers Association said.
April 17