PNC Financial Services, Pittsburgh, is rebalancing its portfolio and says it expects to sell $6 billion in securities, booking a $200 million loss on the deal.PNC disclosed the information in a recent 8-K filing with the Securities and Exchange Commission. Some news reports said the securities in question are collateralized by mortgages, but the word "mortgage" is not used in the 8-K filing. PNC could not be reached for comment by MortgageWire's deadline. In the filing, the bank said the securities "will likely underperform on a relative-value basis."
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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.
March 28 -
Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
March 28