Seven classes from two subprime issues of Aegis Asset-Backed Securities have been downgraded by Fitch Ratings.The downgrades were as follows: series 2003-2, class M2, from A to A-minus, and class B, from BB-plus to CCC/DR2; and series 2004-5, class M2, from A to A-minus, class M3, from A-minus to BBB, class B1, from BBB-plus to BB-plus, class B2, from BBB to BB, and class B3, from BBB-minus to B. Fitch also affirmed the ratings on four classes from the two deals. The downgrades were attributed to deterioration in the relationship between credit enhancement and loss expectations.
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A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
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Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
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While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
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The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
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Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
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The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
July 11