Two classes of Terwin RMBS Trust securities have been downgraded by Fitch Ratings.Class B-5 of series 2005-5SL has been downgraded from BB to CCC and removed from Rating Watch Negative, and class B-7PI of series 2005-7SL has been downgraded from BB to B. In addition, the downgraded B-5 class has been assigned a Distressed Recovery rating of DR2, and class B-6 of series 2005-7SL has been placed on Rating Watch Negative. Fitch also affirmed the ratings on 18 other classes in the two transactions. The negative rating actions were based on declines in overcollateralization stemming from losses and "a reduction in the dollar amount of excess spread due to much faster-than-expected prepayments and rising interest rates," Fitch said. The collateral for the transaction is fixed-rate subprime loans secured by second-lien mortgages on residential properties.
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Higher costs than expected, not just for the mortgage but for repairs and more, have recent buyers' regretting their purchase, Clever RE and Redfin found in separate reports.
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New guidelines regarding buy-side and sell-side real estate agent compensation are set to go into effect this summer.
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Affordability challenges also have some aspiring homeowners taking second jobs or looking to draw from retirement savings, according to Redfin.
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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