Class BF-1 of Saxon Asset Securities Trust, series 1999-5, has been downgraded from B-minus to CCC by Fitch Ratings.Fitch also affirmed the ratings on two other classes in the deal. The downgrade reflects a deterioration in the relationship between credit enhancement and loss expectations, the rating agency said. "The high level of losses incurred has resulted in the continuous decline of overcollateralization, which is currently at $718,404, or 2.08% of the current collateral balance," Fitch reported. The transaction has incurred cumulative losses of 5.76%, and approximately 18.96% of the remaining pool balance is more than 60 days delinquent (including bankruptcies, foreclosures, and real estate owned). The collateral consists of fixed-rate subprime mortgage loans secured by first liens, primarily on one- to four-family residential properties.
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
March 28 -
Initial analyses of Home Mortgage Disclosure Act data show UWM ahead in 2023 loan numbers and dollar volume, but Rocket's market share still looks competitive.
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Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
March 28 -
The pending end of the program comes as over half of U.S. states have already ceased accepting new applicants for federal aid aimed to help struggling households with mortgage payments.
March 28 -
But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
March 28 -
Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
March 28