Three certificates from two Terwin Mortgage Trust transactions have been downgraded by Moody's Investors Service, and three certificates from three other Terwin deals have been placed under review for possible downgrade.The downgrades were as follows: series 2004-10SL, class B-3, from Ba2 to Caa2; and series 2004-22SL, class B-3A, from Ba2 to Caa3, and class B-3B, from Ba2 to Caa3. The securities placed under review for possible downgrade are class B-3 of series 2004-4SL, class B-3 of series 2004-6SL, and class 1-B-4 of series 2004-18SL. Moody's also placed four certificates from series 2004-18SL under review for possible upgrade. The negative rating actions were attributed to the fact that credit enhancement levels are too low in view of projected losses. All the transactions are backed primarily by fixed-rate closed-end second-lien mortgage loans.
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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.
2h ago -
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.
3h ago -
The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
10h ago -
The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
11h ago -
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