The insurance financial strength ratings of FGIC Corp.'s operating subsidiaries -- including Financial Guaranty Insurance Co. and FGIC UK Ltd. -- have been downgraded from Aaa to A3 by Moody's Investors Service, partly as a result of mortgage market exposure. Moody's also downgraded FGIC's senior debt rating from Aa2 to Ba1, among others. The ratings remain on review for possible further downgrade. Moody's attributed the downgrades to its assessment of FGIC's "meaningfully weakened capitalization and business profile," which it said resulted partly from FGIC's exposures to the U.S. residential mortgage market. Noting its recent downgrade of XL Capital Assurance Inc., Moody's said its ratings of MBIA and Ambac, the other primary financial guarantors, remain under review for possible downgrade. The rating agency said it believes that, in contrast to XL Capital and FGIC, MBIA and Ambac "are better positioned from a capitalization and business franchise perspective." Moody's can be found online at http://www.moodys.com.
-
The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
1h ago -
The top five producers had an average dollar volume of VA and USDA loans of more than $35 million in 2023.
2h ago -
While income decreased from the fourth quarter, it accelerated on an annual basis across NVR's building and lending units.
9h ago -
Many legal experts think the Supreme Court will rule in favor of the Consumer Financial Protection Bureau in a case challenging its funding. Such a ruling would unleash a flurry of litigation that has been on hold pending the outcome of the constitutional challenge.
11h ago -
Prevention through new building standards and mapping technology aim to keep home insurance rates down but mortgage bankers see challenges.
April 23 -
The mortgage lender and servicer announced that Ranjit Bhattacharjee, a capital markets veteran, and Kevin Barker, a financial analyst with two decades of experience, have joined its ranks.
April 23