Three classes of notes issued by Taberna Preferred Funding II Ltd., a collateralized debt obligation consisting in part of securities issued by real estate investment trusts, have been placed on Rating Watch Negative by Derivative Fitch.The affected securities were the class E-1, class E-2, and class F notes. Taberna II is a CDO backed primarily by trust-preferred securities issued by REITs and homebuilders. The negative rating actions were attributed to "the rapid deterioration in the credit quality of several residential mortgage REITs underlying the transaction," including two unnamed REITs that recently filed for bankruptcy protection. The rating agency can be found online at http://www.derivativefitch.com.
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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.
6h ago -
The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
6h ago -
But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
7h ago -
The top five producers had an average dollar volume of FHA loans of more than $50 million in 2023.
9h ago -
The tool will provide helpful HELOC-related information to customer support staff to streamline the application process, Figure said Thursday.
11h ago -
The five states with the lowest property taxes have an average effective real-estate tax rate of 0.44%.
April 18