Criimi Mae Inc., Rockville, Md., has reported a net loss of $7.4 million ($0.49 per share) for the third quarter, compared with a net loss of $25.1 million ($1.80 per share) a year earlier.The results include $4.7 million of impairment charges on subordinated commercial mortgage-backed securities, the real estate investment trust said. "The credit performance of the mortgage loans underlying Criimi Mae's CMBS continues to be impacted by the lagging weakness in the hotel, retail, and certain other commercial property sectors contributing to the company's recognition of impairment during the second and third quarters of this year," said Barry Blattman, chairman and chief executive officer of the REIT. "However, a 16% decrease in the total specially serviced loans since the second quarter is a positive development for Criimi Mae." Criimi Mae's website address is http://www.criimimaeinc.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.
March 28 -
Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
March 28