Five classes from three Metropolitan Mortgage & Securities Co. Inc. securitizations have been downgraded by Fitch Ratings.The downgrades were as follows: series 1998-B, class B-1, from B-minus to CCC; series 2000-A, class M-1, from AA to A, and class M-2, from CCC to C; and series 2000-B, class M-2, from A to BBB, and class B-1, from CCC to C. In addition, Fitch upgraded 15 classes and affirmed the ratings on 15 others from eight Metro Mortgage issues. The downgrades were attributed to a deterioration in the relationship between credit enhancement and loss expectations. The transactions "have failed their cumulative loss triggers, which has prevented the trusts from paying principal to the subordinate bonds," the rating agency said. The collateral for the deals consists chiefly of fixed- and adjustable-rate mortgage loans secured by first liens on residential properties or commercial real estate. The majority of the mortgage loans were originated or acquired by Metropolitan Mortgage, which filed for Chapter 11 bankruptcy protection in February 2004.
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New guidelines regarding buy-side and sell-side real estate agent compensation are set to go into effect this summer.
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
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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.
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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.
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