Class B of Fund America Investors Corp. II adjustable-rate mortgage pass-through certificates, series 1993-A, has been downgraded from Ba2 to Caa1 by Moody's Investors Service.The rating agency said the downgrade is based on the weak performance of the underlying loans and cumulative losses that have exceeded original expectations. The B class is currently experiencing writedowns, Moody's said. The senior classes are insured by MBIA.
The serial entrepreneur, who also created Rapid Reporting and American Transfer & Trust, plans to remain active in industry causes, a LinkedIn post said.
Almost 45% of buyers received a seller concession this summer, while more than 15% saw a reduction in the asking price to go along with it, according to Redfin.
With 55% of homeowners planning to renovate rather than relocate, demand for home improvement capital will be strong even if the purchase market slows further.
Last week's bond market turmoil continued leading up to the FOMC decision on Wednesday, pushing the 30-year fixed to near or over 7%, depending on the source.
The Securities and Exchange Commission said Rule 14a-8 exceeds its statutory authority and intrudes on matters of state law. Shareholder advocacy groups, however, argue that repealing the rule could reduce transparency.
Brian Johnson's nomination to lead the Consumer Financial Protection Bureau advanced to the full Senate Thursday morning in a party-line vote.
