Three certificates from two deals issued by Ameriquest Mortgage Securities Inc. have been downgraded by Moody's Investors Service.The downgrades were as follows: series 2002-3, class M-4, from B3 to Caa2; Quest Trust 2004-X3, class M-6, from Ba1 to Ba2; and Quest Trust 2004-X3, class M-7, from Ba2 to B1. The downgrades were prompted by declines in overcollateralization to below-target levels, the rating agency said.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
56m ago -
The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
5h ago -
Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
7h 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.
9h 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.
9h 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