The overall Community Reinvestment Act performance of Detroit-based Comerica Bank has been rated "Outstanding" by the Federal Reserve Bank of Chicago, the highest possible rating.Major factors supporting the rating included Comerica's high volume of community development loans. The company made an outstanding level of community investments in such instruments as low-income tax credits and mortgage-backed securities in Michigan, California, and Texas, the Chicago Fed said. Comerica also showcased a high level of community development services, including financial education initiatives and participation on the boards of organizations that provide services to low- and moderate-income areas and individuals.
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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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