After announcing a decline in net income of roughly 60% from the 3Q06, Citigroup blamed the drop in earnings on the weak performance in its fixed income credit market activities, write-downs in leveraged loan commitments, and increases in consumer credit costs. The firm announced losses on approximately $1.3 billion pre-tax of subprime MBS that were being warehoused for future CDOs, CDO positions, as well as leveraged loans warehoused for future CLOs. The bank also announced losses of approximately $600 million pre-tax in fixed income credit trading as a result of significant market volatility and the pricing dislocation.
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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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There are two series, 2024-1 and 2024-2, that have revolving periods—three for the 2024-1 and five for the 2024-2—during which noteholders will not receive any principal.
March 28 -
The trust employs a 24-month revolving period. There is an increased risk that collateral quality could deteriorate as the transaction evolves with new collateral.
March 27 -
Harmonizing standards for liquidity coverage ratios and discount window pledges could prevent the type of strains that led to last year's bank failures, according to a new paper whose authors include former Federal Reserve Govs. Dan Tarullo and Jeremy Stein.
March 27 - Yahoo Finance Feed
The banking giant has launched an online platform that links small-business owners and entrepreneurs in need of capital to community development financial institutions. The platform was developed in partnership with Community Reinvestment Fund USA.
March 27 -
Audited financials, proof of fidelity bonds and errors and omissions insurance must be provided on Ginnie Mae Central after May 13.
March 27