Five classes from two Merrill Lynch Mortgage Investors Inc. subprime securitizations have been downgraded by Fitch Ratings.The downgrades were as follows: series 2003-OPT1, class B2, from BBB-plus to BB-plus, and class B3, from BBB-minus to B; and series 2003-WMC1, class M2, from AA-plus to AA-minus, class B1, from BB-minus to CCC/DR1, and class B2, from B to C/DR5. The rating agency also affirmed the ratings on 21 classes in four MLMI transactions. The downgrades were attributed to a deterioration in the relationship between credit enhancement and loss expectations.
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The San Diego company was back in the black with a net income of $28.5 million in the first quarter of 2024, up from a net loss of $93 million the previous quarter.
May 9 -
The agreements at the heart of the hearing did not cover the one reached with the National Association of Realtors or those people that only bought homes.
May 9 -
Feds say Chicago businessman Mark Steven Diamond defrauded at least 80 victims and caused at least $6 million in losses.
May 9 -
Fannie Mae's tool, used by originators to determine income levels for self-employed borrowers, aims to help them avoid potential underwriting errors, the government-sponsored enterprise said.
May 9 -
The 30-year fixed rate mortgage fell for the first time in six weeks as the Federal Open Market Committee meeting outcome is finally priced in.
May 9 -
The home purchase market right now is healthier than it was last year, said CEO Mat Ishbia, noting a 24% increase in volume over the recent period compared to Q1 2023.
May 9