Classes L and M of Lehman Brothers Inc.'s commercial mortgage pass-through certificates, series 2006 CCL-C2, have been placed on Rating Watch Negative by Fitch Ratings. Fitch also affirmed the ratings on seven other classes in the transaction. The negative rating actions were attributed to the transfer of the Charlottesville Portfolio loan to special servicing and the likelihood that associated fees and potential expenses could result in interest shortfalls, as well as the continued lack of sales at some of the condominium conversions. The loan is secured by two former multifamily properties in Charlottesville, Va., that are being converted to condominiums.
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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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