Eight tranches from five deals originated with collateral from Option One Mortgage Corp. in 2003 have been placed under review for possible downgrade by Moody's Investors Service.The affected classes from Option One Mortgage Loan Trust are as follows: series 2003-3, classes M-5 and M-6; series 2003-4, class M-6; series 2003-5, classes M-5 and M-6; and series 2003-6, class M-6. The affected classes from ABFC 2003-OPT1 Trust were classes M-5 and M-6 of series 2003-OPT1. In addition, Moody's has placed two tranches from one Option One deal under review for possible upgrade. The negative rating actions were attributed to credit enhancement levels that may be low given the projected losses on the underlying pools. The transactions consist primarily of first-lien, adjustable- and fixed-rate subprime 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.
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.
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