Three tranches from two deals issued by Credit Suisse First Boston Mortgage Securities Corp. in 2002 and 2003 have been placed under review for possible downgrade by Moody's Investors Service.The affected securities were as follows: CSFB Mortgage-Backed Pass-Through Certificates, series 2002-AR2, classes I-B-1 and I-B-2, and series 2003-AR12, class IV-M-2. The negative rating actions were based on credit enhancement levels that may be inadequate in view of the projected losses on the underlying pools, Moody's said. The collateral backing these classes consists of primarily first-lien, adjustable-rate jumbo A mortgage loans.
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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.
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