Ninety-two classes from 30 scratch-and-dent mortgage-backed securities transactions issued by Bear Stearns Asset Backed Securities have been downgraded by Fitch Ratings. Fitch also placed six classes of securities on Rating Watch Negative and affirmed the ratings on $2.2 billion of scratch-and-dent MBS. Fitch can be found on the Web at http://www.fitchratings.com.
A continuing resolution to fund the government through mid-December would prevent the White House from blocking grants — including some in the banking sector — to states and municipalities that voted against President Donald Trump.
Bank of America Securities research shows this sector has had its best year since at least 2017, but some trends in the market point to a need for caution.
Besides the opportunities in build-to-rent housing for mortgage originators, credit profile of single-family rental loans should improve, Morningstar DBRS said.
The homebuilding giant reported two separate cyber incidents this year, with the most recent breach of its mortgage unit affecting more than 348,000 individuals.
The move threatens IMBs and outside loan originators who rely on real estate agents for referrals, as the company aims to keep borrowers within its platform.
Fed Chair Kevin Warsh's much anticipated speech at the Jackson Hole meeting reinforced past comments about reducing communications around forward guidance.
