Twelve classes from the Lehman ABS manufactured housing contract senior/subordinate asset-backed certificates, series 2001-B, have been downgraded by Moody's Investors Service.The downgrades were as follows: class A-IO2, from Aaa to A1; class A-IOC, from Aaa to A1; class A-1, from Aaa to A1; class A-2, from Aaa to A1; class A-3, from Aaa to A1; class A-4, from Aaa to A1; class A-5, from Aaa to A1; class A-6, from Aaa to A1; class M-1, from Aa2 to Baa3; class M-2, from A2 to B2; class B-1, from Baa2 to Caa2; and class B-2, from Ba2 to Caa3. (Class A-7 is not being downgraded because it benefits from an insurance policy issued by Ambac Assurance Corp., Moody's said.) The downgrades were prompted by delinquencies and repossessions that have exceeded original expectations, the rating agency said.
-
The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
4h ago -
The top five producers had an average dollar volume of VA and USDA loans of more than $35 million in 2023.
6h ago -
The JPMorgan Chase CEO took aim Tuesday at the proposed Basel III endgame rules, hindrances to mergers and bureaucratic burdens. "I would love to have a more productive relationship with regulators, but I think it takes conversation," Dimon said.
9h ago -
While income decreased from the fourth quarter, it accelerated on an annual basis across NVR's building and lending units.
April 23 -
Many legal experts think the Supreme Court will rule in favor of the Consumer Financial Protection Bureau in a case challenging its funding. Such a ruling would unleash a flurry of litigation that has been on hold pending the outcome of the constitutional challenge.
April 23 -
Prevention through new building standards and mapping technology aim to keep home insurance rates down but mortgage bankers see challenges.
April 23