Criimi Mae, Rockville, Md., has reported a net loss of $4.1 million ($0.27 per share) for 2003, a major improvement from the net loss of $65.5 million ($4.77 per share) reported the year before.For the fourth quarter, the commercial mortgage investor and servicer reported net income of $2.6 million ($0.17 per share), compared with a net loss of $34.6 million ($2.48 per share) for the comparable period of 2002. The real estate investment trust attributed the improvement to reductions in impairment charges and interest expenses. In a related teleconference, Barry Blattman, Criimi Mae's chairman and chief executive officer, said the "dialogue is now shifting from challenges to opportunities" for the REIT. He said Criimi Mae is contemplating getting into the "manufacture" of commercial mortgage-backed securities, by originating or purchasing newly originated commercial mortgage loans and issuing CMBS backed by the loans. By servicing the CMBS loans within the company, Criimi Mae says it hopes to differentiate itself from other companies in that arena. Criimi Mae can be found online at http://www.criimimaeinc.com.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
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The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
April 24 -
Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
April 24 -
A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
April 24 -
The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
April 24 -
The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
April 24