Former Housing Secretary Mel Martinez, a Republican, has won the Senate race in Florida, a development that mortgage and housing groups appear pleased with. "We will be delighted to have someone with his demonstrated knowledge of housing and real estate finance in the Senate," said Kurt Pfotenhauer, a lobbyist with the Mortgage Bankers Association. Mr. Martinez, who left HUD in the fall of 2003, edged out his Democratic opponent, Betty Castor, by about two percentage points. As secretary of the Department of Housing and Urban Development, Mr. Martinez supported President Bush's proposals to reform the Real Estate Settlement Procedures Act. However, the RESPA proposal that came out of HUD under Mr. Martinez was less than popular with the mortgage industry. (The reforms were never enacted.) While at HUD, Mr. Martinez also supported reforming the housing government-sponsored enterprises. It's anticipated that Mr. Martinez will serve on the Senate Banking Committee.
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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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