Two classes of First Horizon Home Loan Mortgage Trust mortgage-backed securities have been placed on Rating Watch Negative by Fitch Ratings.The affected securities are the B5 classes of series 2005-AA9 and 2006-AA5. The negative rating actions were attributed to "signs of increasing credit risk." The collateral for the transactions consists of conventional adjustable-rate residential mortgages.
Industry economists and analysts were predicting single digit quarter-to-quarter gains, but a trio of large banks had an over 30% rise in mortgage volume.
The shift, which is in line with a similar one by other regulators, could be significant for mortgage businesses that work with Fannie Mae and Freddie Mac.
Jumbo lending helped offset a decline in June's credit numbers, as government-backed programs noticeably contracted, the Mortgage Bankers Association said.
Colorado homeowners pay the highest premiums at $463 a month, as insurance costs now exceed property taxes in 15 states, LendingTree found.
CPI inflation remains above the Federal Reserve's 2% target, but the slower rate of increase gives the central bank time to weigh the best course of action.
Movement Mortgage added to its operations leadership and Click n' Close named a new chief information officer.
