The credit ratings of home loan and auto lender GMAC have been lowered to "junk/speculative grade" status by Standard & Poor's due to financial woes at GMAC's automotive corporate parent.S&P lowered GMAC's long-term corporate credit rating, along with GM's, to BB -- effectively putting it in the "junk" or speculative-grade category. Before the downgrade, which reflected S&P's conclusion "that management's strategies may be ineffective in addressing GM's competitive disadvantages," GMAC's long-term corporate credit carried the lowest possible investment-grade rating of BBB-minus, according to S&P. The rating outlook at deadline time was negative. GM had not responded to a request for comment by MortgageWire's deadline on May 6.
-
Title insurers, whose activity is highly correlated to mortgage production, wrote $15.1 billion in premiums during 2023, down from $21 billion in 2022 and $26.2 billion for the year before that.
15m ago -
The Federal Open Market Committee held the federal funds rate at current levels, citing "lack of further progress" toward meeting inflation goals.
1h ago -
Both quasi-public mortgage investors have new requirements for when borrowers question valuations. Freddie Mac is expanding use of title insurance alternatives.
1h ago -
A new policy directive aims to fortify critical infrastructure by enhancing collaboration between U.S. intelligence agencies and systemically important financial entities.
3h ago -
Mark Warren and Thom Tillis have introduced the Secure Artificial Intelligence Act of 2024 to address the unique risks of AI.
3h ago -
The April 26 update came two days after the group received preliminary approval for the Sitzer/Burnett agreement.
3h ago