Class M of American Business Financial Services mortgage pass-through certificates series 2003-2 has been downgraded from AA to A-plus and removed from Rating Watch Negative by Fitch Ratings.Fitch also affirmed the triple A rating of class A in the deal. The downgrade was attributed to the recent downgrade of Radian Asset Assurance Inc.'s insurer financial strength rating to A-plus. The rating of class M is based on a guarantee from Radian Asset Assurance. The collateral for the transaction generally consists of first- and second-lien home equity loans.
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Ohio-based Liberty Home Mortgage joins several companies who started using a more modernized FICO credit score for nonconforming mortgage originations recently.
6h ago -
The CFPB has dissolved the Office of Supervision, Enforcement and Fair Lending and eliminated the job of associate director in a move that impacts how it designates nonbanks for supervision.
7h ago -
The plan that the Federal Housing Finance Agency floated calls for Freddie Mac to actively invest in some new closed-end seconds as cash-out refinancing subsides.
10h ago -
The push comes amid what one expert highlighted as lax funding efforts for two Department of Housing and Urban Development grant programs.
11h ago -
Conventional lending drove volumes higher, particularly in the purchase market, the Mortgage Bankers Association said.
April 17 -
Net charge-offs at the Charlotte, North Carolina-based bank increased by more than 80% in the first quarter compared with a year earlier. BofA executives say that the rising losses were in line with the bank's risk appetite.
April 16