Moody's Investors Service has downgraded 190 classes of second-lien mortgage-backed securities from eight issuers.In addition, Moody's placed 43 classes of certificates on review for possible downgrade. Among the downgraded securities were 65 classes from nine deals issued by SACO I Trust; 41 classes from seven deals issued by Terwin Mortgage Trust; 36 classes from five deals issued by CSFB Home Equity Mortgage Trust; 16 classes from two deals issued by First Franklin Mortgage Loan Trust; and 11 classes from two deals issued by Merrill Lynch Mortgage Investors Trust. Moody's said the negative rating actions were taken because credit enhancement levels were too low in view of projected losses. The rating agency can be found online at http://www.moodys.com.
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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.
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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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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.
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But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
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Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
March 28