Moody's Investors Service cut Washington Mutual's credit rating today and said that the mortgage firm will need at least an additional $4 billion more than it expected to compensate for the bad mortgages it has in its portfolio in 2008. The rating agency stated that its action shows a rapid deterioration of the housing sector in the first few months of this year, which was the same reason Standard & Poor's used to cut WaMu's ratings a week ago. WaMu has projected that it will write-down up to $8 billion this year on account of borrowers who can't make their mortgage payments. Resulting fiscal-year losses could remove the cash cushion that keeps the mortgage company in compliance with regulations, Moody's stated in its release. Moody's brought down WaMu's senior unsecured rating to 'Baa3' from 'Baa2.' It also cut Washington Mutual Bank's long-term deposit rating to 'Baa2 from 'Baa1.'
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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