Three classes of United Companies Financial Corp. manufactured housing transactions have been downgraded by Fitch Ratings.The downgrades were as follows: series 1998-2, class M-1, from B to B-minus, and class M-2, from B-minus to C; and series 1998-3, class M-2, from B-minus to CCC. Fitch also affirmed the ratings on six classes in three UCFC manufactured housing deals. The downgrades were attributed to the poor performance of the collateral. The loans were originated by United Companies Funding Inc., which was formed in 1995 as a wholly owned manufactured housing lending subsidiary of UCFC. In 1998, UCFI announced plans to close down its manufactured housing business. In 1999, UCFC filed for Chapter 11 bankruptcy protection, and in December 2000, the MH portfolio, servicing rights, and residual interests were acquired by EMC, a wholly owned subsidiary of Bear Stearns Cos. Fitch can be found online at http://www.fitchratings.com.
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The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
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In a Senate hearing, Director Sandra Thompson said a raise to the required income threshold provided to affordable housing was on the table, while housing regulators also faced questions related to property insurance hikes and title insurance waivers.
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The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
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The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
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But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
April 18 -
The top five producers had an average dollar volume of FHA loans of more than $50 million in 2023.
April 18