Fitch Ratings issued a flurry of rating actions Oct. 29 that included downgrades of 51 classes of mortgage-backed securities.Fitch also placed seven classes of MBS on Rating Watch Negative and affirmed the ratings on 67 classes. Among the securities affected by the downgrades were: 26 classes from six issues of Structured Asset Investment Loan mortgage pass-through certificates and 14 classes from three issues of Amortizing Residential Collateral mortgage pass-throughs. The negative rating actions were attributed chiefly to a deterioration in the relationship between credit enhancement and loss expectations, although one was linked to changes in Fitch's subprime loss forecasting assumptions. The rating agency 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.
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