Three classes of Park Place subprime mortgage-backed securities have been downgraded by Fitch Ratings.The downgrades were as follows: series 2004-MHQ1, class M-10, from BB-plus to B (and removed from Rating Watch Negative); and series 2004-WHQ1, class M-9, from BBB-minus to BB-plus, and class M-10, from BB-plus to BB (and removed from Rating Watch Negative). Fitch also placed class M-8 of series 2004-MHQ1 and classes M-8 and M-9 of series 2004-WHQ2 on Rating Watch Negative and affirmed the ratings on 25 classes from the three issues. The negative rating actions were attributed to losses that have exceeded excess spread, causing deterioration in the amount of overcollateralization. The collateral consists of closed-end, first-lien 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.
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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