Four classes of First Franklin subprime mortgage pass-through certificates, series 2005-FFH3, have been downgraded by Fitch Ratings.The downgrades were as follows: class B-1, from BB-plus to B-plus; class B-2, from BB to B; class B-3, from BB-minus to C/DR5; and class B-4, from B-plus to C/DR6. In addition, Fitch placed class B-4 of First Franklin series 2005-FF1 and classes M-9, M-10, and B of series 2005-FF5 on Rating Watch Negative and affirmed the ratings on 50 classes from five First Franklin transactions. Fitch said the rating actions were based on changes the rating agency has made to its subprime loss forecasting assumptions. Fitch can be found on the Web at http://www.fitchratings.com.
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Affordability challenges also have some aspiring homeowners taking second jobs or looking to draw from retirement savings, according to Redfin.
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
March 28 -
Initial analyses of Home Mortgage Disclosure Act data show UWM ahead in 2023 loan numbers and dollar volume, but Rocket's market share still looks competitive.
March 28 -
Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
March 28 -
The pending end of the program comes as over half of U.S. states have already ceased accepting new applicants for federal aid aimed to help struggling households with mortgage payments.
March 28 -
But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
March 28