Two certificates from CS First Boston Mortgage Securities Corp. series 1997-1R have been placed under review for possible downgrade by Moody's Investors Service.The affected certificates are classes 1-B3 and 1-B4. In addition, classes 1-M1, 1-M2, and 1-M3 were placed under review for possible upgrade. The transaction is a resecuritization backed by other residential mortgage-backed securities. Moody's said the negative rating action was based on the weak performance of the underlying security and reduced credit enhancement relative to projected losses.
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
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Initial analyses of Home Mortgage Disclosure Act data show UWM ahead in 2023 loan numbers and dollar volume, but Rocket's market share still looks competitive.
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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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