The short-term issuer default ratings and debt ratings of The Bear Stearns Cos. and subsidiaries have been downgraded from F1-plus to F1 by Fitch Ratings, but their long-term ratings have been affirmed.The rating outlook has been revised from stable to negative. Fitch said it believes that Bear Stearns has been managing its balance sheet well through the "credit-stressed environment," but that its financial performance has been hurt by "management's decision to support a sponsored structured credit fund." The negative outlook stems from various factors, including "deteriorating housing metrics, credit risk repricing, widespread illiquidity, and diminished investment banking opportunities." Bear Stearns' near-term profitability is "expected to be pressured given Bear Stearns' franchise exposure to the total U.S. mortgage market," Fitch said. The rating agency can be found online at http://www.fitchratings.com.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
4h ago -
The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
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Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
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A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
April 24 -
The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
April 24 -
The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
April 24