The Treasury Department is funneling new-markets tax credits into the Gulf Coast states hit by Hurricane Katrina."Katrina is a disaster on every level imaginable, and tools like new-markets tax credits will assist in the recovery efforts of New Orleans, Mobile [Ala.], and the rest of the region," Treasury Secretary John Snow said. The Treasury is considering applications for $3.5 billion in NMTCs and has extended the deadline for organizations that commit to target their investment activities to counties impacted by the hurricane. Treasury will also give "additional consideration" to applicants that target disaster areas, the department said. Meanwhile, 280 banks and thrifts will receive Community Reinvestment Act credit for investments and loans they make to help their communities recover from Hurricane Katrina. Recently approved regulatory changes that went into effect Sept. 1 provide CRA credit for assistance to disaster areas.
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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