Four classes of Securitized Asset Backed Receivables mortgage pass-through certificates have been placed on Rating Watch Negative by Fitch Ratings.The affected classes were as follows: class B5 of series 2006-HE1; class B-5 of series 2006-FR2; class B-5 of series 2006-FR3; and class B-4 of series 2006-WM1. In addition, Fitch affirmed the ratings on 69 classes in eight SABR securitizations. The negative rating actions were attributed to deterioration in the relationship between credit enhancement and expected losses. The collateral in the transactions consists primarily of closed-end subprime residential loans secured by first- and second-lien mortgages, the rating agency said. 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.
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The top five producers had an average dollar volume of FHA loans of more than $50 million in 2023.
April 18