Moody's Investors Service has downgraded Residential Capital Corp's senior and short-term debt ratings from Baa2 to Baa3 and from Prime 2 to Prime 3, respectively."Although the residential real estate finance business of ResCap, and auto finance business of GMAC, are separate from an operating perspective, ResCap continues to be substantially dependent on the support of GMAC in regards to its capital structure, though such support should continue to diminish," the rating agency said. Moody's added that the downgrade "is not a result of any change in Moody's views regarding ResCap's intrinsic creditworthiness, which the rating agency deems to be 'high Baa' on a stand-alone basis." The rating agency said about $5 billion in securities are affected by the downgrade and those securities' ratings have a negative outlook. Moody's can be found online at http://www.moodys.com.
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Affordability challenges also have some aspiring homeowners taking second jobs or looking to draw from retirement savings, according to Redfin.
5m ago -
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