Fitch Ratings Agency has downgraded bond insurer Financial Guaranty Insurance Co. to AA, making it the third major guarantor to lose its top rating. The other two insurers that have received downgrades to AA are MBIA and Ambac. All three insure asset-backed subprime bonds held by institutional investors, including Fannie Mae and Freddie Mac. It is unclear whether the government-sponsored enterprises -- or any other investors that use Ambac, FGIC, and MBIA -- will have to write down their covered bonds because of the downgrades.
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The head of the Consumer Financial Protection Bureau summarized his findings from a yearlong probe into the Appraisal Foundation. He says the "lawmaking body" is not accountable to the public or market forces.
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The top five depositories have a combined wholesale volume of more than $15 billion at the end of Q4 2023.
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Among opportunities to be offered to the program's fifth class of startup entrepreneurs are bank-provided mentorships and sessions with technology leaders and regulatory experts within home finance.
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Financial advisors and tax experts say HOA fees are usually not deductible, unless the home is used for a business or as a rental property.
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The broker argues it did not break any agreement because it never signed an amendment to UWM's ultimatum in 2022.
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The racial gap in first-time buyers' ability to maintain their status as owners has also narrowed over the last two decades, the agency's researchers reported.
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