Private equity firm WL Ross & Co. LLC, New York, has agreed to purchase $250 million in common shares of Assured Guaranty Ltd., Hamilton, Bermuda, one of the bond insurers with mortgage exposures that has looked to boost capital as a means of bolstering its ratings. "We believe that Assured has an excellent opportunity during this time of uncertainty in the financial markets," said Wilbur Ross, chairman and chief executive officer of WL Ross. Assured Guaranty can be found online at http://www.assuredguaranty.com.
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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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