Four classes of Cityscape Home Equity Loan Trust home equity loan pass-through certificates have been downgraded by Fitch Ratings.The downgrades were as follows: Cityscape 1997-B group I, class M-2F, from A to BBB, and class B-1F, from BBB to BB; Cityscape 1997-B group II, class B-1A, from BBB to C; and Cityscape 1997-C group I, class B-1F, from CCC to C. Fitch also affirmed the ratings on nine classes in the two securitizations. The downgrades to series 1997-B were attributed to "elevated levels of losses and a forecast of continued poor collateral performance," the rating agency said. The overcollateralization is below target, and over 60% of both pools are more than 60 days delinquent, Fitch said. In addition, losses have resulted in a reduction in the principal balance of class B-1A. In series 1997-C, the OC of the fixed-rate portion is below target, more than 30% of the loans are more than 60 days delinquent, and class B-1F has taken a principal writedown, Fitch said. The rating agency can be found online at http://www.fitchratings.com.
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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.
April 25 -
Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
April 25 -
Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
April 25 -
Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
April 25 -
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.
April 25 -
Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
April 25