Class M-3 of Ameriquest Mortgage Securities Inc. Quest 2003-X4 has been downgraded from BB-minus to CC/DR3 by Fitch Ratings.In addition, Fitch affirmed the ratings on 16 classes from three Quest transactions. The downgrade was attributed to deterioration in the relationship between credit enhancement and expected losses. Fitch can be found online at http://www.fitchratings.com.
DSCR loans once allowed coverage ratios as low as 0.65, but 2023-24 vintage stress is pushing lenders toward stricter underwriting and interest-only structures.
The Consumer Financial Protection Bureau is overhauling its consumer complaint portal after receiving 6.6 million complaints last year, more than double the 3.2 million in 2024, citing abuse by credit repair firms and social media influencers.
The Federal Deposit Insurance Corp. issued proposals Thursday that would reduce planning requirements for big banks and slash deposit insurance prices, citing the financial health of the Deposit Insurance Fund.
Christopher Phelan, President Donald Trump's nominee to chair the Council of Economic Advisers, declined to directly answer questions about recent inflation data and the effects of tariffs on consumers during a Senate confirmation hearing Thursday.
Median purchase loan payments hit $2,198 in May, up 2.1% from April, as rising rates and home prices threaten to dampen origination volume, MBA reports.
Experts aren't forecasting immediate relief and instead are citing silver linings in rate certainty and greater mortgage demand as compared to the same time last year.
