Class B-7 of DLJ Commercial Mortgage Corp. mortgage pass-through certificates, series 1999-CG3, has been downgraded from B-minus to CCC/DR2 by Fitch Ratings. In addition, Fitch lowered the distressed recovery rating on class B-8 from DR5 to DR6 and affirmed the ratings on 13 other classes in the deal. The downgrade was due to an increase in losses and expected losses that will affect the class "severely," the rating agency said.
While the three largest lenders now offer VantageScore, Bank of America Securities says two agency pulls boosts consumers scores, no matter which model.
Federal Housing Finance Agency Director Bill Pulte said last week that it will slash the budget for its inspector general, spurring Senate Banking Committee Democrats to seek his testimony.
The technology provider now counts two top 10 servicers among its customers and intends to use new capital to accelerate product development and add staff.
Fitch Ratings, noting the reduction in Wells Fargo's balances and sale of non-agency servicing, said the bank no longer meets expectations at its old grade.
ARMs accounted for more than 11% of rate locks, their largest share in nearly four years and up more than three percentage points over the past three months.
The chief risk officer's oversight extends to the modernization of loan pricing and scoring, which the GSEs' oversight agency has been accelerating.
