Class IIB-5 of Structured Asset Mortgage Investments Inc. mortgage pass-through certificates, series 1999-1 group 2, has been downgraded from B to CCC by Fitch Ratings.In addition, Fitch affirmed the ratings on five classes of SAMI securities and upgraded four. The downgrade "reflects concerns due to high levels of nonperforming assets in relation to diminished credit enhancement provided by class IIB-6 (nonrated)," the rating agency said. The group 2 certificates are collateralized by a pool of conventional first-lien, fixed-rate mortgage loans secured by one- to four-family residences and individual condominium and cooperative units, Fitch said.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
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The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
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Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
April 24 -
A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
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The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
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The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
April 24