Four classes from two Ameriquest Mortgage Securities Inc. home equity issues have been downgraded by Fitch Ratings, and one class has been placed on Rating Watch Negative.The downgrades were as follows: series 2003-2, class M3, from BBB-minus to BB-minus, and class M4, from BB to CCC/DR5; and series 2004-R4, class M5, from BBB to BBB-minus, and class M6, from BBB-minus to BB-minus. Class M4 of series 2004-R4 was placed on Rating Watch Negative. In addition, Fitch affirmed the ratings on 17 classes from three Ameriquest transactions. The downgrades were attributed to monthly losses that have exceeded excess spread, causing a deterioration in the amount of overcollateralization. Fitch can be found online at http://www.fitchratings.com.
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Ohio-based Liberty Home Mortgage joins several companies who started using a more modernized FICO credit score for nonconforming mortgage originations recently.
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The CFPB has dissolved the Office of Supervision, Enforcement and Fair Lending and eliminated the job of associate director in a move that impacts how it designates nonbanks for supervision.
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The plan that the Federal Housing Finance Agency floated calls for Freddie Mac to actively invest in some new closed-end seconds as cash-out refinancing subsides.
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The push comes amid what one expert highlighted as lax funding efforts for two Department of Housing and Urban Development grant programs.
April 17 -
Conventional lending drove volumes higher, particularly in the purchase market, the Mortgage Bankers Association said.
April 17 -
Net charge-offs at the Charlotte, North Carolina-based bank increased by more than 80% in the first quarter compared with a year earlier. BofA executives say that the rising losses were in line with the bank's risk appetite.
April 16