Subprime lender Delta Financial, Woodbury, N.Y., has delayed its second-quarter earnings release and conference call, set for Wednesday, Aug. 8, a move that sent its shares down 40% in trading on the day.The nondepository lender had hoped to report earnings before the market opened Wednesday. The delay was posted on its website, with no further details provided. Shortly before MortgageWire's deadline, Standard & Poor's issued a statement saying it had lowered its ratings on five classes of asset-backed securities from Delta transactions. S&P said the lower ratings reflect "[m]onthly net losses that have exceeded monthly excess interest cash flow." On Wednesday, Delta's shares fell $3.20, or 40%. The company can be found on the Web at http://www.deltafinancial.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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