A couple of billion dollars in largely mortgage-related writedowns during the fourth quarter contributed to a year-to-year decline in quarterly profit at Credit Suisse, Zurich, but the Wall Street firm's corporate parent is doing well relative to its peers. The company earned about $1.2 billion on a net basis in the fourth quarter, which is a 72% drop from earnings in the fourth quarter of 2006 and a 49% decline if discontinued operations are removed from the equation. "Our focus on risk management enabled us to perform relatively well, limiting losses and exposures in investment banking related to the subprime mortgage market," the company said.
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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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