Five classes from two securitizations of Merit Securities Corp. manufactured housing contracts have been downgraded by Fitch Ratings.The downgrades were as follows: series 13, class M-1, from BBB-plus to BBB-minus, class M-2, from BB-plus to B, and class B-1, from B-plus to C; and series 12-1, class M-2, from BBB-minus to BB-minus, and class B-1, from BB-minus to CCC. In addition, the ratings on four other classes in the two deals were affirmed. The downgrades were attributed to the poor performance of the collateral pools. About $10.1 million in overcollateralization remains for the series 12-1 classes, and "there is very little monthly excess spread to help cover losses," the rating agency said. For series 13, overcollateralization was exhausted in November 2003, and there is no monthly excess spread. "The manufactured housing industry is experiencing its worst downturn ever," Fitch said. "Relaxed credit standards, overbuilding by manufacturers, and the difficulties relating to servicing this unique asset have all contributed to poor performance of MH securities."
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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