The Office of Federal Housing Enterprise Oversight is facing a potential $7.5 million budget shortfall if Congress does not provide additional funding in the next continuing resolution."That will cause us some significant issues if we cannot get an increase in appropriations," OFHEO Director James Lockhart told reporters recently. OFHEO's budget is "frozen" at $60 million under the current continuing resolution that expires Feb. 15. OFHEO is working with the White House and Congress to get additional funds included in the next CR, which is expected to fund the federal government through Sept. 30 (the end of fiscal year 2007). The agency that supervises Fannie Mae and Freddie Mac was expecting a $2 million increase in fiscal 2007 to continue to expand its staff and system capabilities. OFHEO also says it needs an additional $5.5 million to cover its litigation expenses in pursuing claims against former top executives of the two government-sponsored enterprises. OFHEO can be found at http://www.ofheo.gov.
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
March 28 -
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.
March 28