Two classes of Ace Securities Corp. series 2005-HE2 mortgage-backed securities have been downgraded by Fitch Ratings and four classes have been placed on Rating Watch Negative.Class B-1 was downgraded from BB-plus to BB, and class B-2 was downgraded from BB to BB-minus. Class M-10 was placed on Rating Watch Negative, as were classes M-9 and M-10 of series 2006-HE1 and class M-11 of series 2006-HE2. In addition, Fitch affirmed the ratings on 30 classes from three Ace Securities deals. Fitch said the negative rating actions resulted from a deteriorating relationship between loss expectations and credit enhancement. The pool consists of adjustable- and fixed-rate, first- and second-lien residential subprime mortgage loans. Fitch can be found online at http://www.fitchratings.com.
-
The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
3h ago -
Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
6h 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.
7h 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.
8h ago -
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 -
The top five producers had an average dollar volume of VA and USDA loans of more than $35 million in 2023.
April 24