Nine classes of Greenpoint Credit Manufactured Housing Trust transactions have been downgraded by Fitch Ratings.The downgrades are as follows: series 1999-5, class A-4, from AAA to AA, class A-5, from AAA to A-plus, classes M-1A and M-1B, from A-minus to B, and class M-2, from BB-minus to CCC; series 2000-1, class A-3, from A to A-minus, and class A-4, from BBB to B; and series 2000-3, class IA, from BBB-minus to B, and class I M-1, from B-minus to C. In addition, the ratings on four MH classes were affirmed. Fitch attributed the downgrades to continued poor collateral performance. The rating agency noted that Greenpoint exited the manufactured housing lending business in 2002, but continued to service its MH portfolio until the assets and servicing rights were acquired by GreenTree Servicing in the fourth quarter of 2004.
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
March 28 -
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.
March 28 -
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.
March 28 -
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.
March 28 -
But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
March 28 -
Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
March 28