Two tranches from CSFB Mortgage-Backed Pass-Through Certificates series 2001-11 have been downgraded by Moody's Investors Service, and two tranches have been placed under review for possible downgrade.Class C-B-3 was downgraded from A2 to Caa1, and class C-B-4 was downgraded from Ba2 to C, while classes C-B-1 and C-B-2 were placed under review. On July 25, three subordinate tranches of the deal were fully written down due to a loss on one loan, and class C-B-3 took a $4,000 writedown, Moody's reported. "Today's actions are the result of these writedowns, and also reflects the continued threat posed by remaining delinquencies in the pool which, although substantially covered by mortgage insurance, may see further high severities," the rating agency said.
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The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
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The top five producers had an average dollar volume of VA and USDA loans of more than $35 million in 2023.
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The JPMorgan Chase CEO took aim Tuesday at the proposed Basel III endgame rules, hindrances to mergers and bureaucratic burdens. "I would love to have a more productive relationship with regulators, but I think it takes conversation," Dimon said.
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While income decreased from the fourth quarter, it accelerated on an annual basis across NVR's building and lending units.
April 23 -
Many legal experts think the Supreme Court will rule in favor of the Consumer Financial Protection Bureau in a case challenging its funding. Such a ruling would unleash a flurry of litigation that has been on hold pending the outcome of the constitutional challenge.
April 23 -
Prevention through new building standards and mapping technology aim to keep home insurance rates down but mortgage bankers see challenges.
April 23