Five classes from three Asset Backed Funding Corp. home equity loan asset-backed certificate transactions have been downgraded by Fitch Ratings.The downgrades were as follows: ABFC series 2001-AQ1, class M-2, from BBB to BB, and class B, from B-minus to C; ABFC series 2002-SB1, class B, from BB to B; and ABFC series 2002-WF1, class M-3, from BBB to BBB-minus, and class B, from BB-plus to B-plus. Fitch attributed the downgrades to monthly losses that have reduced available credit support. In addition, 90-day delinquencies have averaged between 18% and 23% of the current pool balances, the rating agency said. Fitch can be found online at http://www.fitchratings.com.
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Flagstar shareholders approved a plan to merge its holding company into the bank; Huntington tapped a new chief auditor, along with two new business leaders; First Foundation hired a new chief credit officer; and more in this week's banking news roundup.
9h ago -
Approximately three years after the one-time non-depository bought Roscoe (Texas) State Bank, Cornerstone Capital Bancorp agreed to purchase Peoples Bancorp.
10h ago -
Regulators also accused Southern California-based E Mortgage of failing to properly supervise remote employees and cooperate with their examinations.
11h ago -
While borrowing activity increased from a year ago, seasonal patterns and economic concerns suggest near-term slowing, the Mortgage Bankers Association said.
October 17 -
Solve stages an acquisition, Intercontinental Exchange partners on new indices, Optimal Blue adds updates and Incenter offers a CRA loan trading platform.
October 17 -
LendingTree found that during 2024, May's median price for a 1,500 square foot home was $194.20 versus January's $178.60, a difference of $23,400.
October 17