Class B of Asset Backed Funding Corp. mortgage-backed securities series 2002-SB1 has been downgraded from B to CCC by Fitch Ratings, and class M-3 has been placed on Rating Watch Negative.Fitch also upgraded six classes from two ABFC issues and affirmed the ratings on 45 classes from 10 issues. The rating agency attributed the negative rating actions to a deterioration of credit enhancement relative to monthly losses. Fitch can be found online at http://www.fitchratings.com.
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.
The decrease in jumbo availability accounted for much of the drop in the latest mortgage credit index, as conforming and government offerings were unchanged.
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.
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.
The current transaction has the largest collateral pool that the platform has issued all year, with 294 loans, and it has the highest percentage of conforming loans, at 45.1%.
The USA Patriot Act passed on an overwhelming bipartisan basis in the wake of the 9/11 attacks, overhauling banks' involvement in anti-money-laundering efforts.
