Four classes of securities issued by Independence II CDO Ltd., a collateralized debt obligation, have been downgraded by Fitch Ratings.The downgrades were as follows: class A notes, from AAA to AA-plus; class B notes, from AA-minus to BBB-plus; class C notes, from BBB to BB; and $16.7 million of preference shares, from BB-minus to CCC. The class A notes were removed from Rating Watch Negative, while classes B and C remain there. Independence II is composed of approximately 48.4% residential mortgage-backed securities, 14.3% asset-backed securities, 32.1% commercial MBS, 0.4% real estate investment trusts, and 4.8% CDOs. Fitch attributed the downgrades to a deterioration of collateral quality. "Collateral in the manufactured housing sector that has been downgraded to or below CCC-plus since August 2003 equals $26.3 million (6.6%)," the rating agency said. "Assets rated BB-plus or lower represented approximately 17.72% as of June 30, 2003, and increased to 30.26% as of June 30, 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