Class B5 of Structured Asset Securities Corp. residential mortgage-backed certificates, series 2001-16H, has been downgraded from B to CCC by Fitch Ratings.In addition, Fitch affirmed the ratings on 18 classes from three SASCO issues. The downgrade was attributed to cumulative pool losses and high delinquency levels. All the loans have a weighted average original loan-to-value ratio of greater than 101%, Fitch reported.
Correspondent volumes and the servicing portfolio were flat to lower but Onslow Bay was nevertheless the top conventional MSR investor in the first half.
The homebuilder posted net income of $472 million, or $2.48 per share, down from $608 million but still more than analysts expectations of $2.36 per share.
The package of banking measures will need 60 votes — including a number of Democrats — to pass the Senate on a tight time frame ahead of November's elections. But the bipartisan House vote signals that future work on the issues is possible.
Lenders are still sending files to their secondary market partners with missing or misplaced documents, affecting how the collateral is viewed and priced.
The brokerage boss settled litigation with ex-business partner Mat Grella which involved private aviation, luxury cars and a separate six-figure judgment.
The median down payment for a potential Gen Z homebuyer is well below the amount the three older generations are looking to make, a LendingTree study found.
