Six certificates from two deals backed by WMC subprime loans have been placed on review for possible downgrade by Moody's Investors Service.The affected securities were as follows: MASTR Asset Backed Securities Trust 2003-WMC2, classes M-5 and M-6; and Morgan Stanley ABS Capital I Inc. Trust 2004-WMC3, classes M-6, B-1, B-2, and B-3. In addition, Moody's placed one certificate from another deal backed by WMC subprime loans, Soundview Home Loan Trust 2004-WMC1, on review for possible upgrade. The actions are based on the analysis of the credit enhancement provided by subordination, overcollateralization, and excess spread relative to the expected loss, Moody's said.
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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.
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.
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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.
March 28 -
Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
March 28