ABFC ABS Classes Downgraded

Published July 20, 2005, 2:00 p.m. EDT

1 Min Read

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.

Processing Content

For reprint and licensing requests for this article, click here.

MORE FROM NATIONAL MORTGAGE NEWS

Law and legal issues

Citizens sues SoFi as fights over talent, pipelines persist

The bank is accusing its fintech rival of racketeering for raiding its offices across nine states and stealing an untold amount of confidential information.

By Andrew Martinez
Reporter

3h ago
Secondary markets

Pulte moves give whole loan sellers reason to act on VS4

Lenders may not be able to fully respond to the broader government-sponsored enterprises' rollout of VantageScore 4.0 yet but there is one thing they can do now.

By Bonnie Sinnock
Capital Markets Editor

September 11
Mortgage rates

Rising rates force concessions: reach sideline buyers

Sellers are easing demands as rates hit 15-month highs, giving buyers leverage. Originators: target sideline buyers before next week's Fed hike lifts rates further.

By Brad Finkelstein
Originations Editor

September 11
Originations

Lenders see robust jumbo market despite tightening credit

The decrease in jumbo availability accounted for much of the drop in the latest mortgage credit index, as conforming and government offerings were unchanged.

By Spencer Lee
Technology Reporter

September 11
Inflation

Modest CPI reading gives Fed no clear direction on rates

The consumer price index rose 0.4% last month, in line with July's reading. For a monetary policy committee that has been split on inflation, the inconclusive report will compel the Fed to make a call on whether to raise interest rates or stay put.

By Kyle Campbell
Staff writer

September 11
9/11 Anniversary

Lessons from 9/11: How one NYC community bank rebounded

Abacus Federal Savings Bank in Chinatown scrambled to reopen in the days following the World Trade Center attacks. The exercise resulted in the bank's first disaster-recovery plan.

By Allissa Kline
Reporter

September 11

Load More