Six classes from two Residential Asset Securities Corp. home equity transactions have been downgraded by Fitch Ratings.The downgrades were as follows: RASC series 2001-KS2 group 1, class M-I-1, from AA to AA-minus, class M-I-2, from A to A-minus, and class M-I-3, from BB to B; and RASC series 2001-KS3 group 1, class M-I-1, from AA to AA-minus, class M-I-2, from A to A-minus, and class M-I-3, from BBB-minus to B. Fitch also affirmed the ratings on 12 classes from the two deals. The rating actions were attributed to the "potential negative impact" of loan performance on the bonds. Fitch can be found online at http://www.fitchratings.com.
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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.
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But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
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Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
March 28