Class B-2 of Conseco Home Equity 2002-B has been downgraded from B-plus to B-minus/DR1 by Fitch Ratings.Fitch also affirmed the ratings on four other classes in the transaction. The downgrade was attributed to a deteriorating relationship between credit enhancement and expected losses. The collateral for the deal consists of closed-end, first- and second-lien mortgage loans.
Retail lender Rate separately launched yet another non-mortgage brand, with outdoor saunas and other furnishings following a high-end performance wear line.
June purchase demand strengthened, refinances remained steady and pull-through improved, reversing May losses.
The move is designed to align the two Utah-based businesses under a single unique name and comes two years after the bank acquired the home lender in 2024.
Federal Reserve Bank of Dallas President Lorie Logan said at an event Thursday that conducting monetary policy actions through a third party would improve efficiency and make markets stronger.
The Rithm subsidiary plans to reduce its involvement in decentralized operations through an agreement with the American Pacific Mortgage affiliate.
A week after falling to its lowest point since mid-May, the 30-year fixed rate mortgage turned higher as the 10-year Treasury rose 15 basis points since June.
