Performance-related upgrades exceeded performance-related downgrades by 8-to-1 in the third quarter in the U.S. residential mortgage-backed securities market, according to Standard & Poor's Ratings Services.S&P said in a recent report that there were 228 performance-related upgrades and 28 performance-related downgrades in the U.S. RMBS market during the quarter. "The catalysts for the overwhelmingly positive rating activity continue to include the effect of extraordinarily fast principal prepayments (driven by mortgage loan interest rates that neared a 45-year low), seasoning of the underlying mortgage loans, the shifting interest features of the transactions, market value appreciation, moderate delinquencies, and low losses," S&P said. The rating agency can be found on the Web at http://www.standardandpoors.com.
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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.
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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.
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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.
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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.
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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.
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The firm, now going by Fairway Home Mortgage, said the change is a representation of plans to create a "connected ecosystem."
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