Four classes of Countrywide asset-backed securitizations have been downgraded by Fitch Ratings, and eight classes have been placed on Rating Watch Negative.The downgrades were as follows: series 2006-SPS1, class M-8, from BBB-plus to BB-plus, class M-9, from BBB to BB, and class B, from BBB-minus to BB-minus; and series 2006-SPS2, class B, from BBB-minus to BB-minus. The four downgraded classes were placed on Rating Watch Negative, as were classes M-6 and M-7 of series 2006-SPS1 and classes M-8 and M-9 of series 2006-SPS2. In addition, Fitch affirmed the ratings on 14 other classes in the two deals. Fitch attributed the negative rating actions to deterioration in the relationship between credit enhancement levels and loss expectations.
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The Federal Housing Administration, the Department of Veterans Affairs and the Federal Housing Finance Agency have started gathering data and analyzing how climate risk will impact the housing ecosystem.
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A special committee is exploring any possible structural "strategic alternatives," which would be aimed at increasing shareholder value, the real estate investment trust said.
April 22 -
An insurance-indexed debt-to-income ratio could help mitigate borrowers' rising premiums, and help maintain a healthy servicing portfolio, experts said.
April 22 -
But the number of properties whose mortgage is more than 90 days late is at its lowest since 2006, ICE Mortgage Technology said.
April 22 -
Industry leaders expressed a high degree of satisfaction with technology in use, but also said a product's cost is the most important criteria for them when partnering with vendors, according to Fannie Mae research.
April 22 -
The top five loan officers produced an average of 628 loans in 2023.
April 22