Municipal Mortgage & Equity, Baltimore, has closed a tax credit equity fund, raising $319 million from 16 corporate investors, the multifamily financing company reports.The proceeds from the fund, which the company said is its largest tax credit equity fund so far, will be used to finance 61 affordable multifamily properties nationwide. Michael L. Falcone, president and CEO, MuniMae, said that "the closing of this fund signals a continuing strong demand for our tax credit equity funds, and we are looking forward to another great year in 2005."
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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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