Classes M-4, M-5, and M-6 of Ace Securities Corp. asset-backed securities, series 2003-FM1, have been placed on Rating Watch Negative by Fitch Ratings.In addition, the rating agency affirmed the ratings on three other classes from the Ace transaction. Fitch said the negative rating actions resulted from higher-than-expected monthly losses that have been greater than the available excess spread, causing a deterioration in the amount of overcollateralization. The pool consists of 30-year adjustable- and fixed-rate mortgage loans secured by first and second liens.
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Title insurers, whose activity is highly correlated to mortgage production, wrote $15.1 billion in premiums during 2023, down from $21 billion in 2022 and $26.2 billion for the year before that.
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