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...Rival UWM, the parent company of United Wholesale Mortgage, has gained 43 per cent. Mortgage lending is a feast or famine business. The market takes the view that the interest cycle has peaked....
...The news outlet/hedge fund Hunterbrook, in its debut article/short sale, sent the stock of United Wholesale Mortgage down 8 per cent....
...Fink attributed the US’s faster recovery from the financial crisis relative to Europe to America’s lower dependence on the traditional banking sector....
...As America’s largest home-improvement retailer, Home Depot is often seen as a proxy for the US housing market....
...A total of $117bn in commercial mortgages tied to US offices will come due this year, according to the Mortgage Bankers Association....
...That compares to the $22.3bn and the $28bn made by Quicken Loans owner Rocket Company and UWM, the parent company of United Wholesale Mortgage. Zillow’s loan business is also unprofitable....
...One could mention elevated petrol prices, or a further deterioration in housing from 8 per cent mortgage rates, or inflation turning up....
...On Tuesday, the fund said it was “short [United Wholesale Mortgage], long [Rocket Mortgage], and purchased derivatives”....
...Those in rival UWM, the parent company of United Wholesale Mortgage, have risen by two-thirds. Better has a very small market share (less than 1 per cent)....
...Bank of America analysts said the capital raise and new leadership should “provide breathing room” to the bank....
...Bank of America analysts wrote in a note that higher losses tied to commercial real estate office exposure “are a reminder of ongoing credit normalisation that we are likely to witness across the industry...
...The retail operation provides both deposit funding and assets ripe for securitisation, such as mortgages and credit card loans....
...Critics rightly lambasted rating agencies for the flawed validation of mortgage-backed securities that triggered the financial crisis of 2008-9....
...Created by federal law in 1932, the FHLB system was designed to provide wholesale lending in support of residential mortgage finance....
...Commercial property, and in particular mortgages on office buildings with low occupancy rates, have been a big concern for lenders since the Fed started lifting interest rates....
...Mortgage rates have doubled in the past year and a half, raising the cost of financing a home....
...Legal hammer Oil supermajor ExxonMobil’s case against two climate activist groups has grabbed the attention of corporate America, the FT reports....
...Many top wealth teams inside these banks — and UBS and Bank of America — have left in recent years to create their own independent firms....
...After a year running mortgages, she was sent to Latin America to clean up a mess of bribery allegations and a massive fraud that had cost Banamex hundreds of millions of dollars....
...They hedge out their duration risk, meaning they are purely exposed to mortgage spreads....
...“There is a liquidity mismatch between private equity and ETFs,” said Bryan Armour, director of passive strategies research for North America at Morningstar....
...Bank of America has named Anthony Knox as country executive for South Africa, according to a memo....
...The fall in the proportion of mortgages that are adjustable rate and the stampede to refinance mortgages while rates were very low means that higher mortgage rates have not had a large impact on the interest...
...And the riskiest business to be in was subprime mortgage. So Citi ran right into it....
...Something like 95 per cent of outstanding mortgages charge less than 4 per cent, per data cited by Bank of America in February. Demand is trickier....
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