Two tranches from Aames Mortgage Trust 2003-1 have been downgraded by Moody's Investors Service.Class B was downgraded from Ba1 to Caa3, and class M-6 was downgraded from Baa3 to B2. The downgrades were attributed to credit enhancement levels that "may be low" given the projected losses on the underlying pool. "Although the deal is performing within Moody's original loss expectations, credit enhancement has declined due to stepped-down enhancement levels combined with high back-ended losses," the rating agency said. The transaction consists of first- and second-lien, adjustable- and fixed-rate subprime mortgage loans.
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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.
2h ago -
Leaders of ORNL Federal Credit Union are piloting Zest AI's new artificial intelligence-powered assistant to ensure equitable underwriting practices and measure performance against similar institutions.
3h ago -
McCargo stabilized the agency at a crucial time as she helped navigate it through both a pandemic and subsequent dramatic interest-rate cycle change.
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The quasi-public entity's plan to buy certain closed-end seconds would constitute "unnecessary government encroachment," the Structured Finance Association said.
6h ago -
The mortgage subsidiary of Hilltop Holdings posted another quarterly loss and volume slipped, but management also sees signs of optimism.
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The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
April 18