Class B-5 of ICIFC (Impac) Secured Assets Corp. mortgage pass-through certificates, series 1997-2, has been downgraded from CCC to D by Fitch Ratings.The rating agency also affirmed the ratings on six other classes in the deal. Fitch attributed the downgrade to high delinquencies relative to applicable credit support as of the June 25 distribution.
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.
