Fitch Ratings says statements by MGIC Investment Corp., Milwaukee, regarding C-BASS and MGIC's merger with Philadelphia-based Radian Group have made the probability that the merger will be consummated "lower than previously expected."Back on July 31, when both companies admitted they would have to take an impairment on Credit-Based Asset Servicing and Securitization LLC, a New York-based specialty servicer, Fitch put Radian on Rating Watch Negative. It said the move reflected Radian's "relatively weakened stand-alone financial position as a result of C-BASS." Fitch added that if the merger didn't occur, Radian's ratings would be downgraded by one notch. MGIC's announcements have increased the likelihood that this will happen. On the other hand, Fitch said MGIC is still in "a good position to operate at its current rating level, either combined with Radian or as a stand-alone company." Fitch can be found online at http://www.fitchratings.com.
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Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
9h ago -
Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
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Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
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Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
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Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
April 25 -
Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
April 25