Standard & Poor's announced rating actions on several monoline bond insurers including a downgrade of XL Capital Assurance and XL Financial Assurance to 'A-' from 'AAA.' The two companies remain on CreditWatch with negative implications. FGIC was also downgraded to 'A' from 'AA' and remains on CreditWatch with developing implications. Both Ambac Assurance Corp. and CIFG Guaranty had their 'AAA' financial strength rating affirmed and remain on negative outlook. MBIA Insurance Corp had its 'AAA' financial strength rating affirmed and was assigned a negative outlook. These ratings adjustments follow additional stress tests by the rating agency in the monolines' non prime book of business.
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After several quarters of slumping investment banking and trading fees, the Charlotte, North Carolina-based company reported a big uptick from that division, which helped compensate for a large decline in net interest income.
April 22 -
Price guidance was not available on the series 2024-1, the database notes that the series 2024-2 class A notes are expected to price between 63 and 65 basis points over the three-month interpolated yield curve.
April 22 -
But the number of properties whose mortgage is more than 90 days late is at its lowest since 2006, ICE Mortgage Technology said.
April 22 -
According to the Federal Reserve Board's latest financial stability report, persistent inflation and policy uncertainty are the primary worries for banks. Survey respondents expressed heightened anxiety over murky policy outlooks due to geopolitical turmoil and rapidly approaching domestic elections.
April 19 -
With a high proportion of fixed-rate, interest-only underlying loans, the notes have almost no amortization, and three CRE loans have standalone, investment-grade opinions.
April 19 -
The fixed-rate loans are divided into three sub-pools that relied on rating methods from the RMBS, CMBS and ABS sectors to assess their risks.
April 18