Two classes of CIT Group Securitization Corp. II manufactured housing securitizations have been downgraded by Moody's Investors Service.The downgrades were as follows: series 1995-1, class A-5, from Aa2 to A2; and series 1995-2, class B, from Baa2 to Ba1. Moody's attributed the downgrades to delinquency and repossession rates that have exceeded original expectations. As of the Sept. 15 remittance report, cumulative losses and cumulative repossessions totaled 9.09% and 17.05%, respectively, for the 1995-1 transaction and 9.30% and 18.50%, respectively, for the 1995-2 deal. CIT, a diversified finance company, discontinued the origination of manufactured home financing in April 2002, Moody's said.
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Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
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Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
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Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
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April 25