Articles Tagged with ''Florida''

Commentary: More Subprime Layoffs

First NLC tightening its belt: First NLC, a Friedman Billings, Ramsey Group-owned lender and one of the nation's 25 largest in the subprime market, is shedding staff in response to the recent downturn in the subprime market....not that layoffs at subprime lenders are, in and of themselves, news these days. The company said in a press statement late Friday that it will be closing of a number of its wholesale operations centers, consolidating operations into its facilities at Deerfield Beach, Florida and Anaheim, California.
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Foreclosures Up 12 Percent in February

Foreclosure filings rose 12 percent in February compared to year-ago levels, the latest sign of continued distress in major U.S. housing markets. In spite of the continued elevation in foreclosures, filings dropped 4 percent versus revised January totals, according to a report by foreclosed property marketplace RealtyTrac. A drop in foreclosure activity between January and February is considered normal, HW industry sources said. The report said that a total of 130,786 foreclosures were filed during February, which translated into a rate of 1 foreclosure filing for every 884 U.S. households during the month.
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Opteum Faces 'Going Concern' Allegations

After a research report issued today by Friedman, Billings, and Ramsey Group, Inc. analyst Merrill Ross questioned whether Opteum Inc. (NYSE:OPX) faces issues as a going concern, the Florida-based REIT has gone on the offensive to counter allegations regarding the company's future. The FBR report highlights a growing concern over the Alt-A credit sector as problems in the subprime credit industry appear on many accounts to be spreading into Alt-A lending. Housing Wire had originally reported on the problems at Opteum on February 15, noting at the time that the company's $33.9 million fourth quarter loss during 2006 might be indicative of emerging problems in the Alt-A credit sector.
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Study: 'Overvalued' Markets on the Decline

The incidence of overvaluation in the nation's housing market continues to decline, the result of falling home prices, according to a new report released today by Global Insight. The 2006 fourth quarter update of the U.S. Housing Valuation Analysis, a joint effort between Global Insight and National City Corporation, found that the overall number of single family housing units deemed to be overvalued eased down from 17 percent to 16 percent of the total number of single family housing units. In terms of single family asset value, the percent deemed to be over-valued fell to 28 percent from 31 (revised) percent in the prior quarter.
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MERS Notches Win in Florida; Hailed as Protection of Creditor's Rights

The Second District Court of Appeals of Florida today ruled that MERS has the right to be a party in a foreclosure action, a victory that industry insiders say will help change how foreclosures are processed in the state. “We undertook this lawsuit not just for MERS but for the industry as a whole,� said R.K. Arnold, President & CEO of MERS. “This victory is for the entire mortgage lending community because MERS is no different than a servicer when it comes to foreclosures, and this case was our opportunity to prove it in court.�
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Nationwide Foreclosure Filings Drop for Second Straight Month

Foreclosure filings dropped in February for the second straight month to 106,074, down 3.4 percent from January's 109,851 filings, and off 6.5 percent from December's soaring 113,486. The latest numbers, however, still are up almost 65 percent from the 64,375 filings for the same time a year ago, according to ForeclosureS.com, a California-based real estate investment advisory firm. “The foreclosure numbers finally are beginning to reflect the stabilization in housing markets that we've been talking about for the last few months,� said Alexis McGee, president of ForeclosureS.com.
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CapitalSouth Bancorp and Monticello Bancshares to Merge

CapitalSouth Bancorp (NASDAQ:CAPB) and privately-held Monticello Bancshares, Inc. today announced that the companies have signed a definitive agreement to merge Monticello with CapitalSouth. Monticello is the holding company for Monticello Bank, a federally chartered savings bank with two locations in Jacksonville, Florida. The company also operates a wholesale residential mortgage operation based in Fitzgerald, Georgia, which originates and sells prime conventional residential mortgage loans in Florida, Georgia, North Carolina and South Carolina.
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American Mortgage Acceptance Cuts 2006 Earnings Guidance By 65 Percent

American Mortgage Acceptance Company (AMEX:AMC), a real estate investment trust that specializes in multifamily and commercial real estate finance, said late Friday that it had revised its adjusted funds from operations per share guidance for 2006 to a range of $1.08 to $1.13. The company had previously issued AFFO per share guidance in a range of $3.00 to $3.20, and will report 2006 earnings on March 20.
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Fannie Provides Timetable for Restated 2005, 2006 Results

Fannie Mae CFO Robert Blakely said Thursday that the company expects to provide its restated 2005 and 2006 financial results to the Securities and Exchange Commission before the end of this year. In remarks made of the Credit Suisse Financial Services Forum in Naples, Florida, Blakely said the secondary market giant plans to file its 2005 10-K in August, with the 2006 10-K beng filed sometime after that.
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Levitt, BFC Financial to Merge

BFC Financial Corporation, a Florida-based holding company, announced today that it will acquire Southeastern-U.S. home builder Levitt Corporation in a deal valued at $286 million. Levitt develops planned suburban as well as master-planned communities. BFC currently owns approximately 17 percent of Levitt, consisting of all of Levitt's Class B Common Stock and approximately 11 percent of Levitt's Class A Common Stock.
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