One of two inordinately troubled Bear Stearns mortgage funds appears to have virtually no value remaining."Preliminary estimates show there is effectively no value left for the investors in the [High-Grade Structured] Enhanced Leverage Fund," Bear said in a letter to clients. Meanwhile, the value of the other fund -- the High-Grade Structured Credit Strategies Fund -- has fallen to "less than a 10th of its value from a few months ago after its subprime trades went bad," according to a July 18 article in The Wall Street Journal. Bear Stearns did not directly confirm the extent of the latter decline but did indicate in the letter that the second fund was estimated to have "very little value left." Despite this drastic decline, the High-Grade Structured Credit Strategies Fund appears to have "sufficient assets available" to "fully collateralize" a more than $1 billion repurchase facility the firm provided to it last month, Bear said.
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
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Initial analyses of Home Mortgage Disclosure Act data show UWM ahead in 2023 loan numbers and dollar volume, but Rocket's market share still looks competitive.
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Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
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The pending end of the program comes as over half of U.S. states have already ceased accepting new applicants for federal aid aimed to help struggling households with mortgage payments.
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But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
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Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
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