Five certificates from two transactions issued by CSFB Home Equity Mortgage Trust in 2006 have been downgraded and placed on review for possible further downgrade by Moody's Investors Service.The downgrades were as follows: CSFB Home Equity Mortgage Trust 2006-3, class M-10, from Baa3 to B3, class B-1, from Ba1 to Caa1, and class B-2, from Ba2 to Caa2; and CSFB Home Equity Mortgage Trust 2006-4, class B-1, from Ba1 to Caa1, and class B-2, from Ba2 to Caa2. In addition, Moody's placed 10 classes from three CSFB transactions on review for possible downgrade. The negative rating actions were based on the fact that the bonds' credit enhancement levels (including excess spread) may be too low in view of projected losses, Moody's said. The transactions are backed by second-lien loans.
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The new Financial Stability Oversight Council report also recommends an expanded Ginnie Mae PTAP facility and an industry-funded liquidity resource.
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The publicly traded title holding companies all had stronger earnings as the mortgage market improved from one year prior.
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One in every 37 residential properties nationwide had a loan-to-value ratio of 125% or greater to begin the year, according to a new report.
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There's temporary leeway on formal compliance with replacement-cost value requirements in order to sort out insurer concerns with a recent re-emphasis on them.
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Max Levchin, CEO of the buy now/pay later lender, said recent tests show young adults prefer interacting with intelligent chatbots over phone-based agents, but the company doesn't foresee major cost savings from generative AI for a few more years.
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May 10