Four classes from three issues of CDC Mortgage Capital Trust mortgage pass-through certificates have been downgraded by Fitch Ratings, and three classes have been placed on Rating Watch Negative.The downgrades were as follows: series 2003-HE1, class B1, from B-plus to CCC; series 2003-HE3, class B-3, from BBB-minus to BB-minus (and removed from Rating Watch Negative); and series 2003-HE4, class B-2, from BBB to BB, and class B-3, from BBB-minus to BB-minus (and removed from Rating Watch Negative). The securities placed on Rating Watch Negative were as follows: class B3 of series 2004-HE1 and classes B3 and B4 of series 2004-HE2. In addition, Fitch upgraded two classes and affirmed the ratings on 32 classes from seven CDC deals. The rating agency attributed the downgrades to a deterioration in the relationship between credit enhancement and expected losses.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
April 24 -
The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
April 24 -
Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
April 24 -
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.
April 24 -
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.
April 24 -
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