Twelve certificates from seven Credit Suisse First Boston mortgage-backed securities deals issued in 2002 and 2003 have been downgraded by Moody's Investors Service.Moody's also placed one certificate under review for possible downgrade. The negative rating actions were attributed to credit enhancement levels that are deemed to be low in view of projected losses on the underlying pools. "These pools of mortgages have seen high loss severities in recent months, and future losses could cause a more significant erosion of the overcollateralization in some cases," the rating agency said. CSFB Mortgage-Backed Pass-Through Certificates series 2002-5, 2002-18, and 2003-AR26 are backed by alternative-A mortgage loans, while CSFB Mortgage Securities Corp. series 2003-4, 2002-HE4, and 2002-HE16, along with CSFB Mortgage Acceptance Corp. series 2002-HE4, are backed by fixed- and adjustable-rate, first-lien subprime mortgage loans.
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Government officials confirmed the California Democrat is under scrutiny over a long-held Maryland property he designated as a second home in 2020.
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Credit availability declined in June as the job market and rising delinquency figures have some lenders concerned, the leading mortgage trade group said.
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The Ocean State is the latest to enact rules prohibiting the agreements that end up tying older homeowners to long-term contracts with real estate brokers.
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CEO Robin Vince refused to comment on "rumors or speculation" about a potential merger between the custody banking giant and its smaller rival, Northern Trust. He also said that the bar for BNY to engage in M&A is "very high."
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House Financial Services Committee Chairman French Hill promised to begin combing through Dodd-Frank to find areas for deregulation, while the panel's ranking member made it clear that Democrats would fight for the Consumer Financial Protection Bureau.
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Gain on sale at JPMorgan Chase fell by 5 basis points in the second quarter, which could be a slightly adverse sign for mortgage banker results, KBW said.
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