Four classes of BankAmerica Manufactured Housing Contract Trust securities have been downgraded by Fitch Ratings.The downgrades were as follows: series 1995-BA1, class B-1, from B to CCC; series 1997-1, class M, from CCC to C; series 1997-2, class M, from CCC to C; and series 1998-2, class B-1, from CCC to C. In addition, the ratings on 14 classes in six BankAmerica MH deals were affirmed. Fitch attributed the downgrades to higher-than-expected losses that have caused "significant" interest shortfalls. Fitch can be found online at http://www.fitchratings.com.
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Freddie's plan "has merit," but if also used by Fannie, it might create competition for many closed-end, second liens in PL RMBS, according to new research.
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While the company made headway in reducing operational costs, it incurred several million dollars worth of expenses as it dealt with the January incident.
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The rightsizing measures impacted workers in Colorado and Florida who worked at acquired Computershare Mortgage Services and its affiliate Specialized Loan Servicing.
May 7 -
Former Angel Oak Lending Chief Marketing Officer Steven Winokur has come back into the non-qualified mortgage business by taking a marketing role at Carrington Mortgage Services.
May 7 -
The process of making changes to foreclosure prevention programs has been complicated by differences in how the Department of Veterans Affairs operates compared to an agency like the Federal Housing Administration.
May 7 -
Originators increased program offerings for the fifth consecutive month, but overall credit availability remains tight, the Mortgage Bankers Association said.
May 7