Four classes of Countrywide residential mortgage-backed securities issued in 2004 have been downgraded by Fitch Ratings.The downgrades were as follows: CWMBS 2004-3, class B-4, from CC/DR4 to C/DR4; CWMBS 2004-8, class B-3, from BB to BB-minus, and class B-4, from B to CCC/DR2; and CWMBS 2004-J3, class B-3, from BB-minus to B. Fitch also placed class B-4 of CWMBS 2004-9 and class B-4 of CWMBS 2004-J9 on Rating Watch Negative, removed classes 1-A-3 and 1-A-7 of CWMBS 2004-8 from Rating Watch Negative, and affirmed the ratings on 117 classes from 23 CWMBS transactions. The negative rating actions were attributed to deterioration in the relationship between credit enhancement and expected losses. The collateral backing the deals consists primarily of 30- and 15-year fixed-rate, first-lien prime mortgage loans.
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The mortgage subsidiary of Hilltop Holdings posted another quarterly loss and volume slipped, but management also sees signs of optimism.
2m ago -
The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
April 18 -
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.
April 18 -
The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
April 18 -
The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
April 18 -
But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
April 18