Eight classes from four issues of subprime Long Beach Mortgage Loan Trust residential mortgage-backed securities have been downgraded by Fitch Ratings.The downgrades were as follows: series 2001-4 group 1, class I-M2, from BB to CCC; series 2001-4 group 2, class II-M1, from AA-minus to A-minus, and class II-M2, from BB to CCC; series 2003-1, class M-4, from BBB-minus to BB-minus; series 2003-2, class M-4, from BBB-plus to BBB, and class M-5, from BBB to BBB-minus; and series 2003-3, class M-3, from BBB to BBB-minus, and class M-4, from BBB-minus to BB-minus. The downgraded classes from series 2003-1, 2003-2, and 2003-3 were removed from Rating Watch Negative. Fitch also affirmed the ratings on 20 classes from five Long Beach transactions, and removed class M-3 of series 2003-1 and class M-6 of series 2003-4 from Rating Watch Negative. The downgrades were attributed to continued deterioration in the relationship between credit enhancement and loss expectations. "Of particular note, the performance of these transactions has also been adversely affected by a growing concentration of loans secured with manufactured homes," Fitch said.
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The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
April 18 -
In a Senate hearing, Director Sandra Thompson said a raise to the required income threshold provided to affordable housing was on the table, while housing regulators also faced questions related to property insurance hikes and title insurance waivers.
April 18 -
The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
April 18 -
The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
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But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
April 18 -
The top five producers had an average dollar volume of FHA loans of more than $50 million in 2023.
April 18