DBRS, a Toronto-based rating agency, has downgraded 202 classes from 40 residential mortgage-backed securities transactions. Citing a "significant increase in serious delinquencies," DBRS said excess spread for the classes backed chiefly by first-lien collateral is not expected to be sufficient to cover anticipated losses. The downgrades of classes backed by second-lien collateral reflect "rapid deterioration in credit enhancement" resulting from a significant increase in collateral delinquencies and losses, the rating agency said. "Overcollateralization has been depleted in many transactions, and excess spread continues to diminish," DBRS said. "Additionally, in many cases, subordinate classes have already been impaired, further weakening the available credit support for the remaining senior and mezzanine classes."
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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.
5h ago -
The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
5h ago -
But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
6h ago -
The top five producers had an average dollar volume of FHA loans of more than $50 million in 2023.
8h ago -
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