The long-term issuer default ratings of R&G Financial Corp., San Juan, Puerto Rico, and R-G Mortgage Corp. have been lowered from BBB-minus to BB by Fitch Ratings.Fitch also downgraded R&G Financial's preferred stock from BB to B, lowered various ratings of other R&G subsidiaries such as R-G Premier Bank and R-G Crown Bank, and assigned a rating outlook of negative. The rating agency said the actions stemmed from various concerns, including a longer-than-expected delay in releasing audited financial statements for fiscal year-end 2005 and quarterly financials for 2006, regulatory restrictions on subsidiaries, the company's operational performance in 2006, and the mix and level of its capitalization. In January, R&G Financial announced the resignation of Ramon Prats as vice chairman and president, and as president of R-G Mortgage and R-G Premier Bank, in connection with an investigation by the company's audit committee. The probe related to the company's need to restate its earnings for 2002, 2003, and 2004. Fitch can be found online at http://www.fitchratings.com, and R&G Financial can be found at http://www.rgonline.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.
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.
March 28 -
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.
March 28 -
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.
March 28 -
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