Two classes from two Access Financial Manufactured Housing Contract Trust issues have been downgraded by Fitch Ratings.Class B-1 of series 1995-1 and class B-1 of series 1996-1 were downgraded from CCC to C. In addition, one class from series 1995-1 was upgraded and the ratings on three classes from the two deals were affirmed. Losses on series 1995-1 have caused the certificates to be undercollateralized by approximately $2 million, and cumulative losses now represent 24% of the original balance, the rating agency said. Series 1996-1 has also experienced higher losses than expected, and the certificates are undercollateralized by $8.5 million, Fitch said.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
3h ago -
The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
7h ago -
Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
10h ago -
A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
11h ago -
The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
April 24 -
The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
April 24