Three classes from two CitiFinancial Mortgage Securities Inc. securitizations have been downgraded by Fitch Ratings.The downgrades were as follows: series 2003-1, class MV-3, from A to BBB-minus, and class MV-4, from BBB-minus to BB-minus; and series 2003-3, class MV-3, from BBB to BB-minus. In addition, 16 tranches from four Citi transactions have been upgraded, and the ratings on 10 classes have been affirmed. The downgrades were attributed to deterioration in the relationship between credit enhancement and loss expectations. The collateral backing the affected classes consists primarily of first-lien subprime residential mortgage loans.
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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