Three classes of DLJ Mortgage Acceptance Corp. mortgage pass-through certificate, series 2000-1, have been downgraded by Fitch Ratings.The downgrades were as follows: class D-B3, from BBB to BB; class D-B4, from B to CC; and class D-B5, from CC to D. Fitch also affirmed the ratings on three other classes in the deal. The rating agency attributed the downgrades to loss levels and high delinquencies relative to the applicable credit support. As of the November 2003 distribution, 11.86% of the pool is over 90 days delinquent, and cumulative losses represent 0.55% of the initial pool.
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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.
10m ago -
Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
1h ago -
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.
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While home lenders are seeing a decrease in issues coming through mobile channels, phone fraud spiked last year, accounting for 28% of losses, a new report found.
6h ago -
The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
April 24