Three classes from two Aegis Asset Backed Securities Trust securitizations have been downgraded by Fitch Ratings.The downgrades were as follows: series 2003-1, class M2, from A to BBB-plus, and class B1, from BB to CC (and assigned a Distressed Recovery rating of DR3); and series 2003-2, class B, from BBB to BB-plus (and removed from Rating Watch Negative). Fitch also upgraded one class in series 2003-2 and affirmed the ratings on three other classes in the two transactions. The downgrades were attributed to deterioration in the relationship between credit enhancement and loss expectations, the rating agency said. The collateral pools for both deals consist of subprime residential mortgage loans.
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The RMBS notes benefit from geographic diversity and credit enhancement.
8h ago -
A Consumer Financial Protection Bureau "waives any alleged noncompliance" by the mortgage company while continuing to dole out redress to borrowers.
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Refinance apps made up more than 40% of all mortgage applications last week, driving an uptick as consumers seek out cheaper mortgage payments.
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The chairman and regulator of Fannie Mae and Freddie Mac pointed to Jermone Powell's recent testimony about renovations to the Federal Reserve's headquarters.
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It's a rare theft of trade secrets complaint by the industry leader, which stayed out of the spate of litigation between competitors during the refinance boom.
July 2 -
Navy Federal Credit Union will not pay a $15 million fine or $80 million in restitution to service members who were illegally charged surprise overdraft fees when their accounts had sufficient funds.
July 2