Four tranches of securities issued by Amortizing Residential Collateral Trust Mortgage Pass-Through Certificates, series 2004-1, have been downgraded by Moody's Investors Service.The downgrades were as follows: class M5, from A3 to Baa2; class M6, from Baa1 to Baa3; class M7, from Baa2 to Ba1; and class M8, from Baa3 to B1. The downgrades were based on an analysis of credit enhancement levels provided by excess spread, overcollateralization, and subordinate classes relative to projected and stressed losses, Moody's said. The collateral consists primarily of first-lien, fixed- and adjustable-rate subprime mortgage loans.
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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