Three classes of Asset Backed Funding Corp. mortgage-backed securities have been placed on Rating Watch Negative by Fitch Ratings.The affected classes are as follows: class M-3 of series 2002-SB1 and classes M-3 and M-4 of series 2003-WF1. Fitch also upgraded eight classes and affirmed the ratings on 63 classes from 12 ABFC issues. The rating agency attributed the negative rating actions to a deterioration in the relationship between credit enhancement and expected losses.
Also, the Broker Action Coalition announced Jamie Cavanaugh as its next CEO, while Dark Matter Technologies added two new members to its leadership team.
Two online ads promise Fannie Mae and Freddie Mac are working to boost purchase applications but it's unclear whether they signal interest in a stock offering.
Weak refi demand is pushing lenders to lean on servicing income, as tighter execution spreads and higher MSR values shift the industry's sell/retain calculus
Chad Smith departs the lender in a transition phase, after helping Better to generate 2.5 times growth in total revenue and funded loan volume since 2024.
The Federal Housing Finance Agency has barred 51 people from working with Fannie Mae and Freddie Mac this year, the most suspensions in any calendar year.
