Two classes of Asset Backed Securities Corp. home equity securitizations have been downgraded by Fitch Ratings.Class B-1F of ABSC series 1999-LB1 group 1 was downgraded from BBB to BB-plus, and class B-1A of series 1999-LB1 group 2 was downgraded from BBB to BB. In addition, Fitch upgraded six classes in three ABSC deals and affirmed the ratings on 80 classes in 15 transactions. The rating agency attributed the downgrades to "increasing concern due to high levels of nonperforming assets, as well as diminishing credit enhancement." Fitch can be found online at http://www.fitchratings.com.
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Elevated delinquency levels have not affected expected losses, however, due to home price appreciation, Fitch Ratings said.
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Retail lenders, including Beeline, Tomo Mortgage and Rocket Mortgage, settled with the department over infractions like submitting a false certification to not having the proper liquidity to be in the program.
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A pair of bills, one with bipartisan support, look to address the issues around heirs' property so these families can have clear title on their homes.
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The agreement, in which the real estate giant admits no wrongdoing, will cover around 70,000 agents.
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Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
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Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
April 25