Congress has passed the economic stimulus bill that temporarily raises the loan limits for Fannie Mae, Freddie Mac and the Federal Housing Administration in high-cost areas to provide needed liquidity in the jumbo mortgage market. The Senate backed the stimulus bill by an 81-16 vote on Thursday after expanding the tax rebate to seniors and disabled veterans. The House approved the changes later that night by a 380-34 vote. President Bush said he will sign the bill. As passed, the GSE and FHA loan limits go up to 125% of median homes prices with a cap of $729,750. This authority expires Dec. 31. However, Fannie and Freddie can purchase existing jumbos originated after June 30, 2007, which should help lenders that have not been able to sell jumbos since the secondary market for these higher balance loans dried up last summer.
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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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