Four classes of Diversified Asset Securitization Holdings III LP have been downgraded by Fitch Ratings.The downgrades were as follows: classes A-1L and A-2, from AA-plus to AA; class A-3L, from A-minus to BBB-minus; and class B-1L, from BB-plus to B-minus. Fitch said DASH III is a collateralized debt obligation that was originated and managed by Asset Allocation & Management LLC, but that TCW Asset Management Co. became the substitute asset manager for AAMCO in October 2002. The portfolio backing the CDO consists of residential and commercial mortgage-backed securities, asset-backed securities, real estate investment trusts, and other CDOs. Fitch attributed the downgrades to collateral deterioration and an "underhedged position that increases in severity in various prepayment scenarios." Mezzanine and subordinate tranches from underperforming manufactured housing securitizations have taken principal writedowns, the rating agency said. Fitch can be found online at http://www.fitchratings.com.
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Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
April 25 -
Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
April 25 -
Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
April 25 -
Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
April 25 -
Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
April 25 -
Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
April 25