The Senate has confirmed the president's picks to head the Office of Federal Housing Enterprise Oversight, Ginnie Mae, and the Federal Deposit Insurance Corp.By unanimous consent, the Senate cleared the way for Rob Couch to be the new Ginnie Mae president and Sheila Bair to be the new FDIC chairman. The Senate also confirmed James B. Lockhart, who has served as the acting OFHEO director for the past six weeks. Mr. Couch, a former Mortgage Bankers Association chairman (from October 2003 to October 2004), was the president of New South Federal Savings Bank, Birmingham, Ala. Ms. Bair served as Treasury assistant secretary for financial institutions during the first two years of the Bush administration. She resigned in 2002 to become a professor at the University of Massachusetts-Amherst. The other banking regulators have been waiting for Ms. Bair's confirmation to begin drafting final underwriting guidance on interest-only and payment-option mortgages.
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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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