Twenty-six classes from six Bombardier Capital Mortgage Inc. manufactured housing transactions have been downgraded by Fitch Ratings.In addition, the ratings on five classes were affirmed. Bombardier exited the manufactured housing retail lending industry in September 2001, but continues to service the loans from a center in Jacksonville, Fla., Fitch said. "A combination of underwriting and servicing problems have resulted in the highest cumulative losses of any MH issuer," the rating agency said. Fitch can be found online at http://www.fitchratings.com.
-
The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
5h ago -
The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
9h ago -
Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
April 24 -
A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
April 24 -
The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
April 24 -
The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
April 24