Twenty-two tranches issued by CSFB Home Equity Asset Trust have been downgraded by Moody's Investors Service, and 32 HEAT tranches have been placed on review for possible downgrade.The collateral backing each deal consists primarily of first-lien, subprime fixed- and adjustable-rate mortgage loans. The negative rating actions were attributed to an increasing rate of "severely delinquent" loans and recent losses that have eroded overcollateralization below its targeted level. "The timing of losses, coupled with passing of performance triggers, has caused the protection available to the subordinate bonds to be diminished," Moody's said. The rating agency can be found on the Web at http://www.moodys.com.
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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.
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The tool will provide helpful HELOC-related information to customer support staff to streamline the application process, Figure said Thursday.
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The five states with the lowest property taxes have an average effective real-estate tax rate of 0.44%.
April 18