Two certificates from a deal issued by Countrywide Home Loans Inc. in 2002 have been placed under review for possible downgrade by Moody's Investors Service.The affected securities are Classes M-1 and M-2 of CWABS Inc. Asset-Backed Certificates Series 2002-BC1. The rating actions were taken because credit enhancement levels may be low given the projected losses on the underlying pool, Moody's said. The transaction is backed by first-lien fixed-rate subprime mortgage loans.
The Federal Deposit Insurance Corp. issued proposals Thursday that would reduce planning requirements for big banks and slash deposit insurance prices, citing the financial health of the Deposit Insurance Fund.
Christopher Phelan, President Donald Trump's nominee to chair the Council of Economic Advisers, declined to directly answer questions about recent inflation data and the effects of tariffs on consumers during a Senate confirmation hearing Thursday.
Median purchase loan payments hit $2,198 in May, up 2.1% from April, as rising rates and home prices threaten to dampen origination volume, MBA reports.
Experts aren't forecasting immediate relief and instead are citing silver linings in rate certainty and greater mortgage demand as compared to the same time last year.
Federal Reserve Vice Chair for Supervision Michelle Bowman said Thursday morning that the central bank recently finalized a new organizational structure for its supervision and regulation division.
Almost 75% of brokers reported growing non-QM volume in their business over the last three years, and just 3.7% said volume decreased, according to AD Mortgage.
