Five classes from two Credit Suisse First Boston Home Equity Asset Trust transactions have been downgraded by Fitch Ratings.The downgrades were as follows: series 2002-5, class M-2, from A to BBB, and class B-1, from B-plus to CCC/DR1; and series 2003-2, class M-2, from A-minus to BBB, class M-3, from BBB-minus to B, and class B-1, from B to CCC/DR1. Fitch also affirmed the ratings on three other classes in the two transactions. The downgrades were attributed to a deterioration in the relationship between credit enhancement and loss expectations. The collateral consists of first- and second-lien subprime mortgage loans.
-
A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
4h ago -
Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
7h ago -
While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
9h ago -
The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
9h ago -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
10h ago -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
10h ago