Fifty-four classes of mortgage-backed securities from several issuers have been downgraded by Fitch Ratings as a result of changes to its subprime loss forecasting assumptions.Fitch also placed 35 classes on Rating Watch Negative and affirmed the ratings on classes with outstanding balances of about $3 billion. Among the securities affected by the latest downgrades were: 14 classes from Credit-Based Asset Servicing & Securitization LLC series 2007-CB4; 11 classes from Natixis mortgage pass-through certificates, series 2007-HE2; 11 classes from Credit Suisse First Boston Home Equity Asset Trust series 2007-2; and 10 classes from Carrington mortgage pass-through certificates, series 2007-FRE1. 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."
-
The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
3h 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.
3h 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.
4h 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.
4h ago -
But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
5h ago -
Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
6h ago