Three classes from two Delta Funding Corp. home equity transactions have been downgraded by Fitch Ratings.The downgrades were as follows: series 2000-1, class B, from CC to C; and series 2000-3, class M-2, from A to A-minus, and class B, from B-minus to C. In addition, Fitch upgraded two classes and affirmed the ratings on seven classes from four Delta issues. "Due to performance triggers that are in breach in all the transactions, principal distributions on the certificates are currently applied in a sequential order," Fitch reported. This generally results in lower credit risk for the more senior tranches, the rating agency said. "There is, however, a higher degree of risk associated with the lower priority of payment to the subordinate classes, represented by the downgrades in series 2000-1 and series 2000-3," Fitch explained. The collateral for the deals consists of both fixed- and adjustable-rate subprime mortgages.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
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The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
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Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
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A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
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The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
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The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
April 24