Nine classes from four First Franklin Financial Corp. residential mortgage-backed security transactions have been downgraded by Fitch Ratings.The downgrades were as follows: series 2004-FFH1, class M-7, from BBB-plus to BB-plus, class M-8, from BB to B-plus, and class M-9, from BB-minus to C/DR4; series 2004-FFH2, class B-1, from BB-plus to B-plus, and class B-2, from BB to CC/DR2; series 2004-FFH3, class M-9, from BBB-minus to BB-minus, and class B-1, from BB-plus to B-plus; and series 2004-FFH4, class M-11, from BBB-minus to BB-minus, and class B-1, from BB to B-plus. In addition, six classes from the same four deals were placed on Rating Watch Negative, and the ratings on nearly 100 classes from eight deals were affirmed. The downgrades were attributed primarily to losses that have exceeded excess spread for at least seven of the past nine months, eroding the over-collateralization. The collateral for the transactions consists of subprime mortgage loans secured by first liens on residential properties.
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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.
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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.
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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.
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But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
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Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
March 28