Class M-3 of ACE Securities Corp. Home Equity Loan Trust series 2002-HE3 has been downgraded from Baa1 to B3 by Moody's Investors Service.Moody's said losses over the past year have eroded the overcollateralization and caused credit enhancement to fall to a level that seems "too low to support the existing rating." The collateral for the deal consists of fixed- and adjustable-rate subprime mortgage loans.
New notices pointed out how large learning models could lead real estate businesses to unintentionally violate the Fair Housing Act in a marketing campaign.
The industry hasn't been sure how much of a lift they'd get this spring but a broader slowdown in hiring may help to lower financing costs.
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Rocket Cos. reported an increase in gain-on-sale margin but warned that going forward it is likely to slip back to levels seen in the second half of last year.
The 2022 vintage had a higher percentage of purchase mortgages, as well as 30-year fixed-rate loans versus the 2021 production, an annual Federal Housing Finance Agency report said.
