Four classes from two Long Beach Mortgage Loan Trust transactions have been downgraded by Fitch Ratings.The downgrades were as follows: series 2003-2, class M-4, from BBB-minus to B, and class M-5, from BB-plus to CCC/DR1; and series 2004-2, class M-7, from BBB-minus to BB-minus, and class B, from BB to CCC/DR1. Fitch also placed class M-3 of series 2003-2 and class M-6 of series 2004-2 on Rating Watch Negative and affirmed the ratings on eight other classes in the two deals. The negative rating actions were attributed to deterioration in the relationship between credit enhancement and loss expectations. The collateral in the deals consists of subprime loans secured by first- and second-lien mortgages or deeds of trust.
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The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
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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.
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The top five producers had an average dollar volume of FHA loans of more than $50 million in 2023.
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The tool will provide helpful HELOC-related information to customer support staff to streamline the application process, Figure said Thursday.
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The five states with the lowest property taxes have an average effective real-estate tax rate of 0.44%.
April 18