Four classes of notes issued by Prudential Structured Finance CBO I, which are supported in part by residential mortgage-backed securities, have been downgraded by Fitch Ratings.The downgrades were as follows: classes B-1L and B-1, from CCC/DR3 to C/DR3; and classes B-2L and B-2 notes, from CC/DR5 to C/DR5. In addition, two classes were upgraded and the rating on one other class was affirmed. Fitch attributed the downgrades to "the continued expectation of low recovery estimates for several distressed securities." The transaction, a collateralized bond obligation, is supported by a portfolio of RMBS (61.3%), asset-backed securities (31.7%), and collateralized debt obligations (7%).
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The quasi-public entity's plan to buy certain closed-end seconds would constitute "unnecessary government encroachment," the Structured Finance Association said.
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The mortgage subsidiary of Hilltop Holdings posted another quarterly loss and volume slipped, but management also sees signs of optimism.
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The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
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In a Senate hearing, Director Sandra Thompson said a raise to the required income threshold provided to affordable housing was on the table, while housing regulators also faced questions related to property insurance hikes and title insurance waivers.
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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.
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The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
April 18