Class B-5 of Bear Stearns Mortgage Securities Inc. mortgage pass-through certificates, series 1996-3, has been downgraded from B to CCC by Fitch Ratings.The rating agency said the action was due to high delinquency levels in the deal relative to applicable credit support. Fitch can be found online at http://www.fitchratings.com.
Fannie Mae and Freddie Mac are under directives to make mortgage-backed securities purchases that can exert downward pressure on rates or limit increases.
Christopher J. Gallo, formerly of NJ Lenders Corp., generated billions of dollars in loan volume over a five-year stretch that prosecutors scrutinized.
The Wall Street Journal reported federal whistleblower allegations exist, citing unnamed sources and viewed documents, but the firm said it has seen no proof.
The homebuilder's net income for the second quarter was half of what it was a year ago but a seasonal lift improved results relative to the first quarter.
Fintech GoodLeap is buying homeowner relationships for renovation loans with rewards and originators competing on rate alone may be behind.
The American Bankers Association, Bank Policy Institute and Securities Industry and Financial Markets Association submitted comment letters to the Securities and Exchange Commission arguing that a proposed change to Form S-3 eligibility would make it more difficult for some banks to access the capital markets.
