Eleven mezzanine and subordinated tranches from five fixed-rate mortgage securitizations issued by Credit Suisse First Boston Mortgage Securities Corp. in 2002 have been by Moody's Investors Service.The downgrades were as follows: series 2002-9 group 1, class I-B-3, from Baa2 to Baa3, class I-B-4, from Ba2 to B1, and class I-B-5, from B3 to Caa2; series 2002-10 group 2, class II-B-4, from Ba3 to B2, and class II-B-5, from B3 to Ca; series 2002-18 group 1, class I-M-1, from Aa2 to A1, and class I-M-2, from Baa2 to Caa2; series 2002-19 group 2, class II-M-1, from Aa2 to A2, and class II-M-2, from A2 to Caa1; and series 2002-26 group 3, class III-M-3, from A2 to Baa2, and class III-B, from A3 to Ba1. In addition, Moody's upgraded 29 classes from seven CSFB securitizations and confirmed the ratings on 12 classes from four deals. The downgrades were attributed primarily to cumulative losses that have exceeded original expectations. "Existing credit enhancement levels may be low given the current projected losses on the underlying pools," Moody's said. 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.
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