Two classes of First Franklin Financial Corp. residential mortgage-backed certificates, series 2002-FF1, have been downgraded by Fitch Ratings, and two classes from another deal have been placed on Rating Watch Negative.Class M-2 was downgraded from A to A-minus, and class M-3 was downgraded from BBB to BBB-minus. Class M-4 and class B of series 2003-FF3 were placed on Rating Watch Negative. The downgrades were attributed to a deteriorating relationship between credit enhancement and expected losses. The collateral for the transactions consists of first-lien subprime loans divided into two collateral groups, the first containing loans with principal balances that conform to Fannie Mae and Freddie Mac guidelines and the second containing loans that may or may not conform to the guidelines.
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The San Diego company was back in the black with a net income of $28.5 million in the first quarter of 2024, up from a net loss of $93 million the previous quarter.
10h ago -
The agreements at the heart of the hearing did not cover the one reached with the National Association of Realtors or those people that only bought homes.
10h ago -
Feds say Chicago businessman Mark Steven Diamond defrauded at least 80 victims and caused at least $6 million in losses.
11h ago -
Fannie Mae's tool, used by originators to determine income levels for self-employed borrowers, aims to help them avoid potential underwriting errors, the government-sponsored enterprise said.
May 9 -
The 30-year fixed rate mortgage fell for the first time in six weeks as the Federal Open Market Committee meeting outcome is finally priced in.
May 9 -
The home purchase market right now is healthier than it was last year, said CEO Mat Ishbia, noting a 24% increase in volume over the recent period compared to Q1 2023.
May 9