Three certificates from two asset-backed transactions issued by Long Beach Mortgage Co. in 2002 have been placed under review for possible downgrade by Moody's Investors Service.The affected Long Beach Mortgage Loan Trust asset-backed certificates are as follows: class M-3 of series 2002-1, and classes M4A and M4B of series 2002-2. The rating actions were attributed to credit enhancement levels that may be low given the projected losses on the underlying pools. "The transactions have taken significant losses, causing gradual erosion of the overcollateralization," Moody's said. "In addition, the severity of loss on the liquidated loans has begun to increase due to a higher concentration of manufactured housing loans." The transactions are backed primarily by first-lien adjustable- and fixed-rate subprime mortgage loans originated by Long Beach. Moody's can be found online at http://www.moodys.com.
-
The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
11h ago -
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.
11h ago -
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.
March 28 -
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