More than 250 additional classes of subprime mortgage pass-through certificates were downgraded by Fitch Ratings on March 3 as a result of changes to its subprime loss forecasting assumptions. Fitch also affirmed the ratings on classes with outstanding balances of over $15 billion. The securities affected by the latest downgrades included 100 classes from eight Securitized Asset Backed Receivables LLC Trust deals; 56 classes from four HSI Asset Securitization Corp. Trust deals; 32 classes from two IndyMac deals; 28 classes from two Natixis deals; 28 classes from two Washington Mutual deals; seven classes from one Morgan Stanley deal; and five classes from two GSAMP deals. Fitch also placed 11 classes from one UBS MASTR Asset Backed Securities Trust deal on Rating Watch Negative. The rating actions were attributed to changes to Fitch's subprime loss forecasting assumptions that "better capture the deteriorating performance of pools from 2006 and late 2005 with regard to continued poor loan performance and home price weakness." Fitch 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.
1h 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.
2h 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.
2h 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.
3h ago -
But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
3h ago -
Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
4h ago