Eight classes from two issues of Asset Backed Funding Corp. subprime mortgage pass-through certificates have been downgraded by Fitch Ratings, and two classes from two other issues have been placed on Rating Watch Negative.The downgrades were as follows: series 2003-OPT1, class M-5, from BBB-plus to BB-plus, and class M-6, from BBB to B; and series 2004-FF1, class M-1, from AA to AA-minus, class M-2, from A to BBB-plus, class M-3, from A-minus to BBB-minus, class M-4, from BBB-plus to BB-plus, class M-5, from BBB to BB, and class M-6, from BBB-minus to BB-minus. The securities placed on Rating Watch Negative were class M-5 of series 2003-AHL1 and class M-6 of series 2004-OPT3. Fitch also affirmed the ratings on 19 classes from the four ABFC securitizations. The negative rating actions reflect the deterioration of credit enhancement relative to expected losses, the rating agency said. The underlying collateral for the transactions consists of fixed- and adjustable-rate subprime mortgage loans secured by first and second liens.
-
The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
9h ago -
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.
10h ago -
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.
10h ago -
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.
11h ago -
But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
11h ago -
Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
March 28