Seven certificates from two Countrywide securitizations of reperforming loans have been placed under review for possible downgrade by Moody's Investors Service.The affected classes from CWMBS Reperforming Loan REMIC Trust issues are as follows: series 2004-R1, classes 1B-3, 1B-4, 2B-3, and 2B-4; and series 2004-R2, classes B-2, B-3, and B-4. The review action was attributed to underperforming collateral and higher-than-expected losses. "Some of the unrated tranches have already experienced writedowns, which in turn have reduced the credit enhancement levels for the rated tranches that have a higher seniority," the rating agency said. The underlying collateral consists of reperforming loans insured by the Federal Housing Administration or guaranteed by the department of Veterans Affairs, virtually all of which were repurchased from Ginnie Mae pools.
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The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
5h ago -
In a Senate hearing, Director Sandra Thompson said a raise to the required income threshold provided to affordable housing was on the table, while housing regulators also faced questions related to property insurance hikes and title insurance waivers.
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The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
April 18 -
The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
April 18 -
But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
April 18 -
The top five producers had an average dollar volume of FHA loans of more than $50 million in 2023.
April 18