Fifty-two securities originated in 2005 and backed by subprime closed-end second-lien mortgage loans have been downgraded by Moody's Investors Service.Of the downgraded securities, 27 remain on review for possible downgrade. Moody's placed 23 other classes on review for possible downgrade and upgraded 52 classes. The negative actions, affecting residential mortgage-backed securities with an original face value of nearly $600 million, were based on the fact that projected pipeline losses have increased in recent months and are likely to affect the credit support for the certificates, Moody's said. As with its negative rating actions on first-lien subprime RMBS classes (see item above), Moody's cited "aggressive underwriting" and "prolonged, slowing home price appreciation" as the causes of significant deterioration in loan performance.
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
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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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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.
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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.
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But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
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Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
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