The rating on class B-1 of the Terwin Mortgage Trust series 2004-EQR1 securitization has been placed on review for possible downgrade by Moody's Investors Service.Moody's said the rating is being reviewed "in light of rising loss severities upon liquidation and an accelerated deterioration of overcollateralization." The collateral for the transaction consists of nonperforming mortgage loans, which are typically defined as loans that are delinquent 90 days or more, subject to bankruptcy or foreclosure proceedings, or held as real estate owned.
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Affordability challenges also have some aspiring homeowners taking second jobs or looking to draw from retirement savings, according to Redfin.
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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