The last of the three major rating agencies has responded to recent actions by Fannie Mae's regulator by lowering certain Fannie ratings (rather than warning of possible downgrades, as the others did), thus bringing some ratings more in line with those of its peers.Approximately $17 billion in securities are affected by Fitch Ratings' downgrade of Fannie Mae's subordinated debt and preferred stock from AA to AA-minus, the rating agency reported. Fitch said it based its downgrade partly on the assumption that regulatory actions will "negatively impact profitability and reduce future financial flexibility" at Fannie Mae. In addition, Fitch also said it is concerned because Fannie's management "faces a number of regulatory and political matters as well as potential requirements to improve internal controls and enhance accounting systems."
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
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Initial analyses of Home Mortgage Disclosure Act data show UWM ahead in 2023 loan numbers and dollar volume, but Rocket's market share still looks competitive.
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Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
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The pending end of the program comes as over half of U.S. states have already ceased accepting new applicants for federal aid aimed to help struggling households with mortgage payments.
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But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
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Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
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