The rating on class B of Delta Funding Home Equity Loan Trust 1999-3 has been lowered from CCC to D by Standard & Poor's Ratings Services.In addition, the ratings on five other classes from the same transaction were affirmed. The downgrade was attributed to a $32,642 principal writedown realized by the class during the June 2005 remittance period. Originally rated BBB-minus, the class was supported by excess spread and overcollateralization, which have been completely exhausted, S&P said. Monthly net realized losses exceeded monthly excess interest cash flow for most of the past 12 months. The collateral consists of 15- to 30-year, fixed- and adjustable-rate, first- and second-lien subprime mortgage loans secured by one- to four-family residential properties. S&P can be found online at http://www.standardandpoors.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.
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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.
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Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
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Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
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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.
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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