Two classes from Structured Adjustable Rate Mortgage Loan Trust mortgage pass-through certificates series 2004-13 have been downgraded by Fitch Ratings. Class B-4 was downgraded from BB to CC/DR3, and class B-5 was downgraded from B to CC/DR4. Fitch also affirmed the ratings on five classes from two SARM securitizations. The downgrades were attributed to deterioration in the relationship between credit enhancement and expected losses.
Markets are still pricing in an increase in the federal funds rate later this month, but Federal Reserve Gov. Michael Barr said his vote will depend on incoming unemployment and inflation data.
The nation's largest homebuilder is fending off accusations that it misled home buyers on their escrow estimates and saddled them with steep increases.
Also, South River Mortgage appointed Tyler Plack as its next CEO, while First American Home Warranty welcomed Jason Gritters as its chief revenue officer.
A continuing resolution to fund the government through mid-December would prevent the White House from blocking grants — including some in the banking sector — to states and municipalities that voted against President Donald Trump.
Bank of America Securities research shows this sector has had its best year since at least 2017, but some trends in the market point to a need for caution.
