Fremont General Corp., Santa Monica, Calif., says it has received increased funding from Credit Suisse to the tune of $1 billion.It also revealed that it "has received various proposals" for additional credit facilities. Credit Suisse also has been hired to sell the depository's subprime production affiliate, Fremont Investment & Loan, the nation's eighth-largest B&C funder. FGC said its commercial mortgage and servicing units are profitable. The company has delayed releasing its annual 10-K and is working with auditors to review its financial statements. In late February FGC said that, because of subprime-related troubles at FI&L, it would delay the release of its fourth-quarter and full-year earnings, decimating its share price. A wholesaler, FI&L has stopped funding loans. Fremont can be found online at http://www.fremontgeneral.com.
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Affordability challenges also have some aspiring homeowners taking second jobs or looking to draw from retirement savings, according to Redfin.
26m ago -
The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
March 28 -
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.
March 28 -
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.
March 28 -
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.
March 28 -
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