The ratings of MBIA Inc. and its financial guaranty subsidiaries have been placed on Rating Watch Negative by Fitch Ratings as a result of MBIA Insurance Corp.'s exposure to subprime mortgage collateral.MBIA Inc.'s long-term and debt ratings stand at AA, and the insurer financial strength ratings of MBIA Insurance and MBIA's other financial guaranty subsidiaries stand at AAA. The rating agency said the action followed the completion of an updated assessment of MBIA Insurance's exposure to structured finance collateralized debt obligations backed by subprime mortgage collateral, as well as MBIA's exposure to residential mortgage-backed securities. Fitch said slower growth through 2008 "should help improve the company's capital position," but added that MBIA recently "began to get more competitive in the sectors suffering material credit deterioration, and it is many of these transactions that are causing the problems for the company today." Fitch can be found online at http://www.fitchratings.com.
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The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
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In a Senate hearing, Director Sandra Thompson said a raise to the required income threshold provided to affordable housing was on the table, while housing regulators also faced questions related to property insurance hikes and title insurance waivers.
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The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
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The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
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But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
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The top five producers had an average dollar volume of FHA loans of more than $50 million in 2023.
April 18