Two classes of Saxon Asset Securities Trust residential mortgage-backed securities have been downgraded by Fitch Ratings, and three classes have been placed on Rating Watch Negative.The downgrades were as follows: series 1998-3 group 1, class BF-3, from B to CCC; and series 1998-3 group 2, class BV-3, from B to CCC. Class BF-2 of the first deal and class BV-1 of the second deal were placed on Rating Watch Negative, as well as class BF-1 of series 2001-1 group 1, the rating agency said. In addition, the ratings on 30 other classes of Saxon deals were affirmed. Fitch attributed the negative rating actions to loss levels and high delinquencies relative to applicable credit support.
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McCargo stabilized the agency at a crucial time as she helped navigate it through both a pandemic and subsequent dramatic interest-rate cycle change.
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The quasi-public entity's plan to buy certain closed-end seconds would constitute "unnecessary government encroachment," the Structured Finance Association said.
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The mortgage subsidiary of Hilltop Holdings posted another quarterly loss and volume slipped, but management also sees signs of optimism.
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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.
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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.
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The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
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