Fitch also revealed that Provident received a $20 million equity infusion from an affiliated entity in March. Craig Pica, Provident’s CEO, and members of his family, own a majority stake in the lender.
Wedbush Securities: “While there are many advantages to the SPAC route for both investors and issuers, it has also been an area that has produced disappointing results for some investors in recent months.”
FHA delinquency rates went down 6 basis points to 15.59%, a Mortgage Bankers Association survey found. Though worth noting: FHA loans in the seriously delinquent category (90-days past due) reached a survey-high of 10.76%.
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