Six classes of certificates from American Home Mortgage Investment Trust 2007-2 (backed by closed-end second-lien mortgage loans) have been downgraded by Moody's Investors Service. The downgrades were as follows: class II-A, from Aaa to Baa1 (and placed under review for possible further downgrade); class II-M-1, from Aa2 to Ba1 (and placed under review for possible further downgrade); class II-M-2, from A2 to Caa2; class II-M-3, from Baa2 to Ca; class II-M-4, from Baa3 to C; and class II-M-5, from Ba2 to C. "The actions reflect the extremely poor performance of the closed-end second-lien mortgage loans," Moody's said. "These loans have seen a high rate of early default, and the deal has built up a significant pipeline."
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
March 28 -
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.
March 28