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 new Financial Stability Oversight Council report also recommends an expanded Ginnie Mae PTAP facility and an industry-funded liquidity resource.
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The publicly traded title holding companies all had stronger earnings as the mortgage market improved from one year prior.
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One in every 37 residential properties nationwide had a loan-to-value ratio of 125% or greater to begin the year, according to a new report.
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There's temporary leeway on formal compliance with replacement-cost value requirements in order to sort out insurer concerns with a recent re-emphasis on them.
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Max Levchin, CEO of the buy now/pay later lender, said recent tests show young adults prefer interacting with intelligent chatbots over phone-based agents, but the company doesn't foresee major cost savings from generative AI for a few more years.
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May 10