Nine classes of certificates from five deals issued by NovaStar Mortgage Funding Trust in 2003 and 2004 have been downgraded by Moody's Investors Service.The actions were based on an analysis of the credit enhancement provided by subordination, overcollateralization, excess spread, and mortgage insurance relative to the expected loss, Moody's said. Four of the deals have already stepped down, and losses have begun to erode the overcollateralization while reducing credit enhancement provided by subordination, leaving the rated bonds less protected, the rating agency said. The deals are backed by fixed- and adjustable-rate subprime mortgage loans.
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New guidelines regarding buy-side and sell-side real estate agent compensation are set to go into effect this summer.
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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