Two classes of CWMBS (Countrywide Home Loans) Inc. mortgage pass-through certificates, series 2001-10 (ALT 2001-6), have been downgraded by Fitch Ratings and removed from Rating Watch Negative.The downgrades were as follows: class B-3, from BB to B; and class B-4, from B to C. The ratings on four other classes in the deal were affirmed. The downgrades were attributed to loss levels, loss expectations, and high delinquencies relative to the applicable credit support.
The mortgage technology unit of Intercontinental Exchange reported a return to profitability in the second quarter, as revenues continued their recent rise.
The 30-year fixed rate mortgage is at its highest point in 51 weeks with a divergence in forecasts for what happens between now and the end of the year.
Positive changes in credit provisions contributed to a multiyear high in net income as the GSE and its rival fought to purchase lenders' single-family loans.
Properties outside flood zones carry outsized risk without insurance but client education and proactive solicitation before a storm can decrease serious delinquencies.
Earlier in the day, the company confirmed it made staffing reductions as it aligns its cost structure with its technology investments to help operations.
Federal Reserve Chair Kevin Warsh acknowledged that his limited guidance might have been a factor in rising market rates, but said whatever increased volatility can be attributed to the changes is more than offset by the benefit of a more nimble central bank.
