Five certificates from three Residential Asset Mortgage Products Inc. Trust asset-backed securitization deals have been downgraded by Moody's Investors Service.The downgrades were as follows: series 2002-RS1, class M-I-3, from Baa2 to Ba3, and class M-II-3, from Baa2 to Ba3; series 2002-RS2, class M-I-3, from Ba2 to B3, and class M-II-3, from Ba3 to B3; and series 2002-RS3, class M-II-3, from Baa2 to Ba3. Moody's attributed the downgrades to credit enhancement levels that "may be low given the current projected losses on the underlying pools." The transactions consist of a fixed-rate pool and an adjustable-rate pool made up of mortgages that are not eligible for inclusion in Residential Funding Corp.'s specific loan program securitization. The mortgage loans were originated by different sellers and are serviced by HomeComings Financial Network Inc., a wholly owned subsidiary of RFC. Moody's can be found online at http://www.moodys.com.
-
House Republicans overcame internal divisions to narrowly pass President Trump's tax and spending package Thursday afternoon. The measure would cut the Consumer Financial Protection Bureau's funding level, among other provisions.
July 3 -
A labor shortage is costing the market tens of thousands of new homes per year, and tariff uncertainty is adding thousands of dollars in expenses per unit.
July 3 -
The pace of revenue growth slowed toward the end of 2024, with the trend continuing into the first three months of this year, NAHB reported.
July 3 -
Capital One closed the deal to buy the credit card provider in May and as part of the review process, decided to exit its home equity lending business.
July 3 -
The 10 basis point decline in the 30-year fixed mortgage was the most since March and the first time rates are below 6.7% since April, Freddie Mac said.
July 3 -
The firm, now going by Fairway Home Mortgage, said the change is a representation of plans to create a "connected ecosystem."
July 3