Class B of notes issued by Bristol CDO I Ltd. have been downgraded from B/DR2 to CCC/DR2 by Fitch Ratings and removed from Rating Watch Negative.In addition, the ratings on classes A-1 and A-2 in the deal were affirmed. The collateralized debt obligation is secured by a static pool of asset-backed securities, of which 18.4% are manufactured housing residential mortgage-backed securities and 17.1% are subprime RMBS issued in 2002 and 2001, Fitch said. The rating agency attributed the downgrade to a deterioration in collateral, reporting that the overcollateralization ratio of class C remains below its minimum threshold of 104.5%, despite an improvement in the deal's collateral quality tests. "The class B notes will not receive any principal proceeds until the class A-1 and A-2 notes have been paid in full," Fitch said.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
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The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
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Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
8h 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.
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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.
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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