Seven classes of ContiMortgage Corp. Home Equity Loan Trust certificates have been downgraded by Fitch Ratings.The downgrades were as follows: class B of Conti 1998-1, from BBB to B; class B of Conti 1998-2, from BBB to BB; class B-I of Conti 1998-3 group I, from BBB-minus to B; class B of Conti 1998-4, from BBB to B; class B of Conti 1999-1, from BB to CCC; and class B of Conti 1999-3, from BB to B. In addition, the ratings on class B-1 of Conti 1998-3 group I, class B of Conti 1999-1, and class B of Conti 1999-3 were removed from Rating Watch Negative. Fitch also affirmed the ratings on 37 ContiMortgage classes. The downgrades were attributed to a decline in credit enhancement relative to applicable credit support. "The spikes in losses are the effect of the recent procedural changes made by the servicer, Fairbanks Capital Corp., to its processes regarding the reconciliation of property values used in its net present value model," Fitch said. The rating agency can be found online at http://www.fitchratings.com.
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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.
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In an interview, Candor Technology's Sara Knochel recounts how she applies her childhood interest in languages and numbers to crucial home lending issues.
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Harmonizing standards for liquidity coverage ratios and discount window pledges could prevent the type of strains that led to last year's bank failures, according to a new paper whose authors include former Federal Reserve Govs. Dan Tarullo and Jeremy Stein.
March 27