Nearly 100 classes -- totaling $2.1 billion -- from nine subprime issues of C-BASS Mortgage Loan Asset-Backed pass-through certificates have been downgraded by Fitch Ratings. In addition, Fitch affirmed the ratings on C-BASS classes totaling $1.8 billion. The downgrades were based on changes to Fitch's subprime loss forecasting assumptions that it says "better capture the deteriorating performance of pools from 2007, 2006, and late 2005 with regard to continued poor loan performance and home price weakness." The collateral for the transactions, all issued in 2006, consists of first-lien subprime mortgage loans. The rating agency can be found on the Web at http://www.fitchratings.com.
-
The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
7h ago -
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.
8h ago -
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.
8h ago -
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.
8h ago -
But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
9h ago -
Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
10h ago