The class C notes of Ingress I Ltd., a collateralized debt obligation supported in part by residential and commercial mortgage-backed securities, has been downgraded from B-minus to CC by Fitch Ratings.Fitch also affirmed the ratings on three other classes in the CDO. The downgrade was attributed to the fact that the overcollateralization ratio of class B failed its required level on each payment date after Sept. 30, 2003, "causing the class C notes to capitalize missed interest payments of over $3.2 million." The CDO is backed by a static pool of asset-backed securities, RMBS, CMBS, and real estate investment trusts.
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
10h ago -
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.
10h ago -
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.
11h ago -
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.
11h ago -
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