The Mills Corporation, an Arlington, Va., retail real estate investment trust, is looking at a possible sale of the company as it contemplates some strategic alternatives.The REIT also is working on a restatement of its financial statements for the period 2000 through 2004 and reports that it does not expect to make a March 16 deadline for the filing of its annual report for the year ended December 31, 2005. The company expects to complete its restatement by April 1, 2006 and Mills is seeking an extension on that deadline from the lenders on its revolving credit facility. The REIT has also named Mark S. Ordan, who is on the board of Federal Realty Investment Trust, chief operating officer of Mills. The REIT also is looking at additional sources of finance to fund a development and expansion program. Mills has hired Goldman, Sachs & Co., and J.P. Morgan Securities to provide financial advice relating to its exploration of strategic alternatives.
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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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