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.
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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.
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But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
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The top five producers had an average dollar volume of FHA loans of more than $50 million in 2023.
April 18