Class C of Structured Mortgage Trust 1997-1, a resecuritization backed by other residential mortgage-backed securities, has been downgraded from B2 to Caa3 by Moody's Investors Service.Moody's also confirmed the rating of another class in the transaction. The downgrade was attributed to the weak performance of the underlying securities and the depletion of all credit enhancement originally available to the class.
The drop in the annual metric for FHA loans was the biggest in over four years but other performance indicators ICE Mortgage Technology tracked were mixed.
NJ Lenders suffered a cyberattack last August, which potentially exposed the names and social security numbers of about 30,000 individuals.
Its origination volume of $621.8 million was an increase of $114 million compared with the first quarter but its gain-on-sale was 5 basis points lower.
The mortgage subsidiary of PlainsCapital Bank saw improvement in its bottom line but remained in the red amid ongoing affordability constraints.
Though the crimes occurred earlier this decade, they highlight how much easier it has become to create false documents today, given the rise of artificial intelligence.
The "stay-put" economy, along with higher mortgage rates, is responsible for this shift where home equity and seconds have a 17.5% market share, Benutech found.
