Michigan

Flagstar Hit with Downgrade, May Suspend Dividend 

Reeling from rising mortgage delinquencies, Flagstar Bank, FSB saw its long-term deposit rating dropped to ‘Baa3’ Wednesday afternoon by Moody’s Investors Service; the rating level is the agency’s lowest investment-grade rating. Bank financial strength was also lowered to D+ from a previous rating of C-, Moody’s said in a press statement.