Three tranches from two closed-end, second-lien residential mortgage securitizations issued by Structured Asset Securities Corp. in 2004 have been downgraded by Moody's Investors Services.The downgrades were as follows: SASCO Trust 2004-S2, class M7, from Baa3 to B3 (and placed on review for possible further downgrade); and SASCO Trust 2004-S4, class B1, from Ba1 to Caa3, and class B2, from Ba2 to Ca. In addition, Moody's placed classes M5 and M6 of series 2004-S2, classes M6 and M7 of series 2004-S3, and class M7 of series 2004-S4 under review for possible downgrade. "The downgrades are driven by back-ended losses that have eroded credit support to a point where the subordinate tranches no longer have sufficient enhancement levels to maintain their current ratings in light of the anticipated losses," Moody's said.
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The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
April 18 -
In a Senate hearing, Director Sandra Thompson said a raise to the required income threshold provided to affordable housing was on the table, while housing regulators also faced questions related to property insurance hikes and title insurance waivers.
April 18 -
The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
April 18 -
The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
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But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
April 18 -
The top five producers had an average dollar volume of FHA loans of more than $50 million in 2023.
April 18