Standard & Poor's, New York, has warned that mortgage-related downgrades of bond insurers could have ripple effects that disrupt new areas of the market and possibly cause problems for some banks. "Bond insurers are suffering as a result of their roles as guarantors of mortgage-related securities, and downgrading them could affect all markets in which they are active, including the municipal bond, commercial mortgage-backed securities, and other structured finance areas," S&P credit analyst Tanya Azarchs said. She added, "The specific, identifiable effect on banks may be significant and, in a few cases, could lead to downgrades." Bond insurers that S&P has downgraded include Financial Guaranty Insurance Co. and ACA Financial Guaranty Corp. In addition, S&P has placed the top investment grade ratings of MBIA Inc., Ambac Assurance Corp. and Security Capital Assurance Ltd. on CreditWatch Negative.
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Rocket Cos. reported an increase in gain-on-sale margin but warned that going forward it is likely to slip back to levels seen in the second half of last year.
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The 2022 vintage had a higher percentage of purchase mortgages, as well as 30-year fixed-rate loans versus the 2021 production, an annual Federal Housing Finance Agency report said.
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Almost half of parents said their grown children returned to live with them after graduation, placing greater challenges on their own long-term housing and retirement goals, according to a recent survey.
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In total, 84 producers from mortgage lenders including Summit Funding and Movement Mortgage have transitioned to Fairway Independent Mortgage.
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But the mortgage unit of Intercontinental Exchange narrowed its quarterly losses and touted the addition of several new customers this year in its earnings call.
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Mortgage rates reached their highest point since the end of November, seemingly not severely impacting Spring home purchase activity, Freddie Mac said.
9h ago