Items Tagged with 'Fitch Ratings'

ARTICLES

  • Wells Fargo is back in the mortgage securitization business

    Prepares to issue first securitization since the housing crisis
    Once an absolute giant in the mortgage securitization space, Wells Fargo has been noticeably absent from the list of issuers since the housing crisis, but that’s all about to change. The lender is preparing to issue its first mortgage-backed securitization since the meltdown, and unlike its past securitizations, this one is backed by the highest of high-quality loans.
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  • Ocwen dumps Fitch, names interim CEO

    Ending contract with ratings agency, also names replacement for departing CEO
    Over the years, Fitch Ratings has frequently commented about Ocwen Financial, issuing reports and ratings actions about the nonbank’s business dealings, trials and tribulations. Well, that’s about to come to an end. But that's not the only big news that Ocwen made on Monday.
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  • Las Vegas residents may need deeper pockets

    Ranked most the overvalued housing market in the nation
    Perhaps underperforming income growth and rising unemployment would suggest low home prices, but Las Vegas is the most overvalued housing market in the nation. Fitch Ratings explained although the city’s price to rent remains lower than buying a home and the population is growing, home prices still have overshot economic fundamentals.
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  • Fitch: Ocwen outlook remains negative despite PHH deal

    Continuing regulatory overhang not overcome by pending acquisition
    The outlook for Ocwen Financial is still negative despite its recently announced $360 million deal to acquire PHH thanks to Ocwen’s continuing regulatory overhang, Fitch Ratings said Friday in a note to clients. In the note, Fitch's analysts said that Ocwen’s outstanding issues with the CFPB and a number of state regulators outweigh any positives that may be gained in the PHH deal.
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  • Fitch, Moody’s bullish on massive Lennar-CalAtlantic merger

    Both cite combined company’s size as significant benefit
    On Monday, Lennar and CalAtlantic Group announced a deal that will see Lennar acquire CalAtlantic in a deal valued at approximately $9.3 billion. The deal will create the nation’s largest homebuilder. Both Fitch Ratings and Moody's Investors Service are bullish on the deal. Here's why.
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  • Fitch warns mortgage bond investors: Wells Fargo could keep more money for legal fees

    $2.2 billion in RMBS classes now at risk of downgrade
    Earlier this month, Wells Fargo unexpectedly kept $90 million away from residential mortgage-backed securities investors, stating that the bank needed the money to cover legal expenses. Now, Fitch Ratings is warning RMBS investors that Wells Fargo’s move may not be an isolated incident. In fact, it may be a harbinger of similar moves to come in the future.
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  • Fitch: New tools from Fannie Mae, Freddie Mac will make mortgages safer

    Changes to appraisals, verification of borrowers’ finances strengthen underwriting
    Mortgage underwriting is getting stronger and safer for both borrowers and lenders thanks to new tools introduced in recent years by Fannie Mae and Freddie Mac, Fitch Ratings said in a new report. According to Fitch, new approaches to appraisal valuation and income verification are “improving these government-sponsored enterprises’ ability to assess credit risk, while reducing costs for sellers and borrowers.”
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  • Fitch Ratings to servicers: It’s imperative you maintain robust IT security

    The standard for servicers rated by Fitch
    The massive amount of data and money that passes through the mortgage finance industry makes it extremely susceptible to attacks from hackers. Plus, it’s not a matter of if it will happen; it’s already going on, and the threat of cyberattacks is only increasing. Fitch Ratings is making sure it is staying in front of the problem and is stressing the importance of a robust information technology for servicers.
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  • Credit rating agencies ding Ocwen over CFPB, state regulator charges

    S&P, Fitch, Moody’s, Morningstar take action on nonbank’s ratings
    In the wake of the Consumer Financial Protection Bureau and a growing group of state regulators accusing Ocwen Financial of widespread mortgage servicing issues, S&P Global Ratings, Moody’s Investors Service, Fitch Ratings, and Morningstar each released updated views of Ocwen, with each agency’s analysts stating that Ocwen’s recent regulatory troubles could have dire long-term consequences for the company.
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