Predatory subprime lenders in the Phoenix-Mesa metropolitan area have spurred a wave of foreclosures in Arizona's Maricopa County, according to Foreclosures.com, a distressed property investment advisory firm based in Sacramento, Calif."We've been tracking foreclosure fallout from the 2001 recession in Arizona for more than a year, and we see an alarming rise in the number of homeowners that have been stripped of much of their equity by the imposition of outrageous loan fees, and loans that they cannot possibly afford to repay," said Alexis McGee, president of Foreclosures.com. ".... Legislation to restrict abusive lending (HB 2468) has been pending since last February and needs to be expedited." The company also predicted that home loan defaults will rise in the New York boroughs of Brooklyn and the Bronx late this year and early next year as a result of the city's high unemployment rate. The firm can be found on the Web at http://www.foreclosures.com.
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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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