Two certificates from a series of Bear Stearns asset-backed securities issued in 2001 have been placed under review for possible downgrade by Moody's Investors Service.The deal, Bear Stearns Home Loan Owner Trust 2001-A Home Loan-Backed Notes, Series 2001-A, is backed by high-loan-to-value junior-lien home equity and home improvement loans originated by Conseco Finance Corp. Classes M-2 and B, the two most subordinate fixed-rate certificates, were placed on review for possible downgrade "because existing credit enhancement levels may be low given the current projected losses on the underlying pools," Moody's said. The transaction has taken "significant losses," and the most subordinate tranche has begun taking writedowns, the rating agency said. Moody's 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.
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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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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