Twenty classes from seven UCFC manufactured housing transactions have been downgraded by Fitch Ratings.Fitch also affirmed the ratings on 11 classes in seven deals. The downgrades reflect the poor performance of the loans, Fitch said. The rating agency noted that United Companies Financial Corp. exited the manufactured housing business in 1998 and filed for Chapter 11 bankruptcy protection in 1999. EMC Mortgage Corp. acquired the servicing rights for UCFC's manufactured housing portfolio in 2000. Fitch can be found online at http://www.fitchratings.com.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
16m ago -
The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
4h ago -
Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
7h ago -
A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
8h ago -
The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
9h ago -
The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
April 24