Class B4 of Financial Asset Securitization Inc.'s mortgage pass-through certificates, series 1997-NAMC2, has been downgraded from CCC to CC by Fitch Ratings.In addition, Fitch affirmed the ratings on four other classes in the transaction. The rating agency attributed the downgrade to principal writedowns and the fact that more than 9% of the pool is over 90 days delinquent. Fitch can be found on the Web at http://www.fitchratings.com.
The trade group supports FHFA's overhaul but urges longer comment periods, more flexibility and protections to prevent unintended consequences.
The industry leaders are sparring over refinance business from a Mr. Cooper portfolio, and UWM contends it didn't specifically try to harm its rival.
The drop in the annual metric for FHA loans was the biggest in over four years but other performance indicators ICE Mortgage Technology tracked were mixed.
NJ Lenders suffered a cyberattack last August, which potentially exposed the names and social security numbers of about 30,000 individuals.
Its origination volume of $621.8 million was an increase of $114 million compared with the first quarter but its gain-on-sale was 5 basis points lower.
The mortgage subsidiary of PlainsCapital Bank saw improvement in its bottom line but remained in the red amid ongoing affordability constraints.
