Eleven classes from three GreenPoint Credit Manufactured Housing Trusts have been downgraded by Fitch Ratings.The downgrades were as follows: series 1999-5, classes M-1A and M-1B, from AA-minus to A-minus, and class M-2, from BBB to BB-minus; series 2000-1, class A-3, from AA to A, classes A-4 and A-5, from A-plus to BBB, class M-1, from BBB-minus to BB-minus, and class M-2, from CCC to C; and series 2000-3, class I A, from A-minus to BBB-minus, class I M-1, from BB-plus to B, and class I M-2, from CCC to CC. In addition, Fitch affirmed the ratings on six classes from four Greenpoint MH deals. The rating agency attributed the downgrades to greater-than-expected losses. The loans are serviced by GreenPoint Credit, a subsidiary of GreenPoint Financial Corp. GreenPoint exited the manufactured housing lending business in early 2002, but has continued to service its loan portfolio. Fitch can be found online at http://www.fitchratings.com.
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The quasi-public entity's plan to buy certain closed-end seconds would constitute "unnecessary government encroachment," the Structured Finance Association said.
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The mortgage subsidiary of Hilltop Holdings posted another quarterly loss and volume slipped, but management also sees signs of optimism.
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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.
April 18