Seven classes of notes issued by ACA ABS 2003-1 Ltd. and ACA ABS 2003-2 Ltd. have been downgraded by Fitch Ratings as a result of deterioration in subprime residential mortgage-backed securities.The downgrades were as follows: series 2003-1, class C, from A-plus to BBB, and class D, from BBB to B-plus and removed from Rating Watch Negative; and series 2003-2, class A-2, from AA to A, class A-3, from A to BBB-minus, class B-F, from BBB to B-plus and removed from Rating Watch Negative, class B-V, from BBB to B-plus and removed from Rating Watch Negative, and class C, from BB to B and removed from Rating Watch Negative. Fitch also affirmed the ratings on eight classes in the two deals. Citing "the significant collateral deterioration" in the portfolios, especially of subprime RMBS, Fitch said they contain a significant exposure to subprime closed-end second lien RMBS assets, including underperforming 2006 vintage bonds. Since the beginning of 2007, approximately 20% of the portfolio assets have been downgraded, and approximately 10% are on Rating Watch Negative, Fitch said. The majority of the actions have occurred in the last three months, driven by credit deterioration in subprime RMBS bonds from the 2005 and 2006 vintages, including subprime closed-end second lien RMBS bonds, the rating agency said.
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The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
7h ago -
In a Senate hearing, Director Sandra Thompson said a raise to the required income threshold provided to affordable housing was on the table, while housing regulators also faced questions related to property insurance hikes and title insurance waivers.
8h ago -
The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
April 18 -
The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
April 18 -
But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
April 18 -
The top five producers had an average dollar volume of FHA loans of more than $50 million in 2023.
April 18