Moody's Investors Service has downgraded one class from a transaction issued by Credit Suisse First Boston Mortgage in 2002 and placed one class from another deal under review for possible downgrade.Class B-F of Credit Suisse First Boston Mortgage Acceptance Corp. series 2002-HE4 was downgraded from B1 to Caa3, and class B-1 of Credit Suisse First Boston Mortgage Securities Corp. series 2002-HE11 was placed under review for possible downgrade. The actions were attributed to credit enhancement levels, including excess spread, that were deemed low in view of projected losses. The pools are backed by subprime, first-lien, fixed- and adjustable-rate loans. The rating agency can be found online at http://www.moodys.com.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
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The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
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Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
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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.
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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.
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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