Four classes of certificates issued in four transactions by Aames Mortgage Trust in 2001 have been downgraded by Moody's Investors Service.The downgrades were as follows: series 2001-1, class B, from Baa2 to Ba2; series 2001-2, class M-2, from A2 to Baa1, and class B, from Baa2 to B2 (remains under review for downgrade); and series 2001-3, class B, from Baa2 to Ba1. Moody's also confirmed the ratings on three classes of Aames certificates. The transactions are backed mostly by first-lien, fixed-rate subprime mortgage loans originated by Aames Financial Corp. The rating agency attributed the downgrades to significant losses that have eroded overcollateralization. The class B certificates of the 2001-2 transaction will remain on watch for possible downgrade because high loss severities on the properties held for resale could impair their credit quality further, Moody's said.
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A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
8h ago -
Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
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While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
July 11 -
The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
July 11 -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
July 11 -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
July 11