Classes A-1 to A-5 of Bombardier Capital Mortgage Securitization Corp.'s manufactured housing series 2000-A have been downgraded from B-minus to CCC by Fitch Ratings.In addition, Fitch affirmed the ratings on 19 classes in six Bombardier MH transactions. The rating agency said the downgrades were due to poor performance of the underlying collateral as well as diminishing credit enhancement. "In the series 2000-A transaction, overcollateralization has been fully depleted, and the high level of losses incurred has resulted in the full writedown of classes M-2, B-1, and B-2," the rating agency said. The collateral consists of manufactured housing installment sales contracts and first-lien mortgage loans on the real estate where the manufactured homes are permanently affixed.
-
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.
March 28 -
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.
March 28 -
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.
March 28 -
But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
March 28 -
Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
March 28