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.
Christopher J. Gallo, formerly of NJ Lenders Corp., generated billions of dollars in loan volume over a five-year stretch that prosecutors scrutinized.
The Wall Street Journal reported federal whistleblower allegations exist, citing unnamed sources and viewed documents, but the firm said it has seen no proof.
The homebuilder's net income for the second quarter was half of what it was a year ago but a seasonal lift improved results relative to the first quarter.
Fintech GoodLeap is buying homeowner relationships for renovation loans with rewards and originators competing on rate alone may be behind.
The mortgage technology unit of Intercontinental Exchange reported a return to profitability in the second quarter, as revenues continued their recent rise.
The 30-year fixed rate mortgage is at its highest point in 51 weeks with a divergence in forecasts for what happens between now and the end of the year.
