Bank of America is lending a helping hand to the Gulf Coast areas devastated by hurricanes Katrina and Rita by investing $100 million in a "community development banking" effort to rebuild affordable housing and revitalize neighborhoods.BoA said it will also make available 200 apartments to displaced families in Georgia, Florida, Tennessee, and Texas. The CDB initiative includes $60 million in new construction and redevelopment loans dedicated to secure affordable housing units, and $40 million for affordable housing development and community revitalization through tax credit investments. In addition, BoA said it will partner with nonprofits like The Enterprise Social Investment Corp. and the National Equity Fund.
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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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