Municipal Mortgage & Equity LLC, Baltimore, has reported net income of $1.2 million ($0.04 per share) for the first quarter, compared with $13.9 million ($0.50 per share) a year earlier.Mark K. Joseph, MuniMae's chairman and chief executive officer, nevertheless expressed satisfaction with the quarterly results, citing "seasonality in our tax credit equity syndication business, which we significantly expanded through a July 2003 acquisition." He also cited MuniMae's cash available for distribution per common share, which the company uses as its primary measure of performance. "While our CAD per share for the first quarter of 2004 [$0.37] did come in below the prior-year results [$0.50], it significantly exceeded our expectations," Mr. Joseph said. MuniMae, which invests in multifamily debt and equity, can be found on the Web at http://www.munimaemidland.com.
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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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In an interview, Candor Technology's Sara Knochel recounts how she applies her childhood interest in languages and numbers to crucial home lending issues.
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Harmonizing standards for liquidity coverage ratios and discount window pledges could prevent the type of strains that led to last year's bank failures, according to a new paper whose authors include former Federal Reserve Govs. Dan Tarullo and Jeremy Stein.
March 27