Forty-five classes from 19 Oakwood Homes manufactured housing transactions have been downgraded by Fitch Ratings.In addition, the rating agency affirmed 31 classes from 15 Oakwood deals.Fitch attributed the downgrades to the deteriorating performance of the manufactured housing pools. After Oakwood filed for chapter 11 bankruptcy protection in November 2002, the company made changes to servicing practices that have caused volatility in performance, Fitch said. "Default rates and loss severities have been negatively affected since Oakwood ceased its loan assumption program and began relying solely upon wholesale channels for liquidation of repossessed homes," the rating agency said. After the sale of Oakwood's operations to Clayton Homes in April 2004, Clayton resumed its loan extension and loan assumption programs, but "portfolio losses have continued to erode credit enhancement levels within the transactions, most immediately threatening certain subordinate certificate classes," Fitch said.
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Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
April 25 -
Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
April 25 -
Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
April 25 -
Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
April 25 -
Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
April 25 -
Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
April 25