Eighteen classes of mortgage-backed securities from three issuers were downgraded by Fitch Ratings on Dec. 27 as a result of changes to its subprime loss forecasting assumptions.Fitch also placed 15 classes on Rating Watch Negative and affirmed the ratings on classes with outstanding balances of more than $2.6 billion. The securities affected by the latest downgrades were: nine classes of HASCO mortgage pass-through certificates; five classes of Soundview Home Equity Loan Trust asset-backed certificates; and four classes of Ace mortgage pass-throughs. The rating actions were attributed to changes in 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 online at http://www.fitchratings.com.
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The Federal Housing Administration, the Department of Veterans Affairs and the Federal Housing Finance Agency have started gathering data and analyzing how climate risk will impact the housing ecosystem.
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A special committee is exploring any possible structural "strategic alternatives," which would be aimed at increasing shareholder value, the real estate investment trust said.
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An insurance-indexed debt-to-income ratio could help mitigate borrowers' rising premiums, and help maintain a healthy servicing portfolio, experts said.
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But the number of properties whose mortgage is more than 90 days late is at its lowest since 2006, ICE Mortgage Technology said.
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Industry leaders expressed a high degree of satisfaction with technology in use, but also said a product's cost is the most important criteria for them when partnering with vendors, according to Fannie Mae research.
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The top five loan officers produced an average of 628 loans in 2023.
April 22