Three classes of Fieldstone Mortgage Investment Trust series 2004-3 mortgage pass-through certificates have been downgraded by Fitch Ratings.The downgrades were as follows: class M-6, from BBB-plus to BBB; class M-7, from BBB to BB; and class M-8, from BBB to B. Fitch also affirmed the ratings on three other classes in the transaction. The downgrades were attributed to deterioration in the relationship between credit enhancement and expected losses.
Retail lender Rate separately launched yet another non-mortgage brand, with outdoor saunas and other furnishings following a high-end performance wear line.
June purchase demand strengthened, refinances remained steady and pull-through improved, reversing May losses.
The move is designed to align the two Utah-based businesses under a single unique name and comes two years after the bank acquired the home lender in 2024.
Federal Reserve Bank of Dallas President Lorie Logan said at an event Thursday that conducting monetary policy actions through a third party would improve efficiency and make markets stronger.
The Rithm subsidiary plans to reduce its involvement in decentralized operations through an agreement with the American Pacific Mortgage affiliate.
A week after falling to its lowest point since mid-May, the 30-year fixed rate mortgage turned higher as the 10-year Treasury rose 15 basis points since June.
