Two certificates from two transactions issued by CWABS Asset-Backed Certificates Trust have been downgraded by Moody's Investors Service.Class B of series 2005-IM1 was downgraded from Baa3 to Ba3, and class B of series 2005-IM2 was downgraded from Baa2 to Ba1. Moody's also confirmed one CWABS class. The downgrades were attributed to credit enhancement levels that were deemed too low in view of projected losses. "Both transactions had a spread holiday during the first six months, delaying the buildup of overcollateralization," Moody's said. "Furthermore, loans in foreclosure and REO have significantly increased since closing." The transactions are backed by alternative-A mortgage loans.
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Ohio-based Liberty Home Mortgage joins several companies who started using a more modernized FICO credit score for nonconforming mortgage originations recently.
8h ago -
The CFPB has dissolved the Office of Supervision, Enforcement and Fair Lending and eliminated the job of associate director in a move that impacts how it designates nonbanks for supervision.
9h ago -
The plan that the Federal Housing Finance Agency floated calls for Freddie Mac to actively invest in some new closed-end seconds as cash-out refinancing subsides.
April 17 -
The push comes amid what one expert highlighted as lax funding efforts for two Department of Housing and Urban Development grant programs.
April 17 -
Conventional lending drove volumes higher, particularly in the purchase market, the Mortgage Bankers Association said.
April 17 -
Net charge-offs at the Charlotte, North Carolina-based bank increased by more than 80% in the first quarter compared with a year earlier. BofA executives say that the rising losses were in line with the bank's risk appetite.
April 16