Zions Bancorp, Salt Lake City, says it will take a $94 million pretax charge in the fourth quarter because the collateral backing some of its investments in collateralized debt obligations is "impaired."According to a new filing with the Securities and Exchange Commission, Zions said the collateral backing the CDOs includes debt issued by residential mortgage real estate investment trusts, commercial mortgage-backed securities, home builder debt, and commercial income REITs. Seven REIT-related CDOs are of concern to the bank. (It has investments in 12.) Even though it expects to take a large hit, Zions said five of the seven CDOs are rated "investment grade."
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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.
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