Two classes of People's Choice Home Loan Securities Trust series 2004-1 have been downgraded by Fitch Ratings, and two others have been removed from Rating Watch Negative.Class M-7 was downgraded from BB to B, and class M-8 was downgraded from BB-minus to C/DR5. Classes M-3 and M-4 were removed from Rating Watch Negative. Fitch also affirmed the ratings on six classes in the deal. The downgrades were attributed to deterioration in the relationship between credit enhancement and loss expectations. The mortgage pool consists of 30-year subprime residential loans.
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The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
7h ago -
The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
8h ago -
But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
8h ago -
The top five producers had an average dollar volume of FHA loans of more than $50 million in 2023.
11h ago -
The tool will provide helpful HELOC-related information to customer support staff to streamline the application process, Figure said Thursday.
April 18 -
The five states with the lowest property taxes have an average effective real-estate tax rate of 0.44%.
April 18