Fitch Ratings President and CEO Stephen Joynt sent a letter to MBIA on Monday responding to the bond insurer's letter dated March 7 asking that the rating agency withdraw the firm's IFS ratings. In the letter, Joynt said that Fitch is sympathetic to the "financial and operational stress" that MBIA is going through and is willing to continue its ratings without charge to the bond insurer. Joynt also asked for clarification of MBIA's intentions in terms of cooperating with Fitch's rating process. MBIA requested Fitch to return or destroy key portfolio information and discontinue all use of the said information in proceeding with its rating analysis. Joynt questioned MBIA's intentions that were stated in the bond insurers' letter to investors dated March 9. "It would appear that rather than 'work with Fitch' your intention could be to emasculate our opinion by withholding information and subsequently discredit our opinion as being uninformed," Joynt said. Joint questioned whether it is the Fitch capital model, rating process or fees that MBIA objects to or is that MBIA is "aware we are continuing our analytical review and my conclude that , in our view, MBIA's insurer financial strength is no longer 'AAA.'"
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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 -
There are two series, 2024-1 and 2024-2, that have revolving periods—three for the 2024-1 and five for the 2024-2—during which noteholders will not receive any principal.
March 28 -
The trust employs a 24-month revolving period. There is an increased risk that collateral quality could deteriorate as the transaction evolves with new collateral.
March 27 -
Harmonizing standards for liquidity coverage ratios and discount window pledges could prevent the type of strains that led to last year's bank failures, according to a new paper whose authors include former Federal Reserve Govs. Dan Tarullo and Jeremy Stein.
March 27 - Yahoo Finance Feed
The banking giant has launched an online platform that links small-business owners and entrepreneurs in need of capital to community development financial institutions. The platform was developed in partnership with Community Reinvestment Fund USA.
March 27 -
Audited financials, proof of fidelity bonds and errors and omissions insurance must be provided on Ginnie Mae Central after May 13.
March 27