Five classes from three subprime issues of Ameriquest Mortgage Securities Inc. mortgage pass-through certificates have been downgraded by Fitch Ratings.The downgrades were as follows: series 2002-AR1, class M-3, from BBB to B, and class M-4, from BBB-minus to B; series 2003-6, class M-5, from BBB to BBB-minus (and removed from Rating Watch Negative), and class M-6, from B to C/DR4 (and removed from Rating Watch Negative); and series 2004-R11, class M-10, from BB-plus to CCC/DR1. Fitch also affirmed the ratings on 16 classes from the three deals. The downgrades were attributed to a deterioration in the relationship between credit enhancement and loss expectations.
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McCargo stabilized the agency at a crucial time as she helped navigate it through both a pandemic and subsequent dramatic interest-rate cycle change.
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The quasi-public entity's plan to buy certain closed-end seconds would constitute "unnecessary government encroachment," the Structured Finance Association said.
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The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
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