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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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.
March 28 -
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