Moody's Investors Service has downgraded one class of certificates and has placed under review for possible downgrade seven other classes from CDC Mortgage Capital Trust deals.The affected multiple originator transactions were issued in 2001, 2002, and 2003 and consist primarily of first-lien, adjustable- and fixed-rate subprime mortgages, according to Moody's. "The subordinate certificates are being downgraded or reviewed for possible downgrade based on the fact that existing credit enhancement levels are low given the current projected losses on the underlying pools," Moody's said. The downgrade affects series 2001-HE1, class B, which has seen its rating slip from B3 to Caa2. The review for possible downgrade affects the following classes: series 2002-HE1, class B; series 2002-HE3, class B-1; series 2003-HE1, class B-1; series 2003-HE1, class B-2; series 2003-HE1, class B-2; series 2004-HE1, class B-2; and series 2004-HE1, class B-3.
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
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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