Ten classes of notes issued by Duke Funding High Grade II-S/EGAM I Ltd., a collateralized debt obligation used to acquire mortgage-backed securities, have been downgraded by Fitch Ratings.The downgraded notes were as follows: class A2 and series 2 class A2, from BBB-minus to CCC; class B1 and series 2 class B1, from BB to CC; class B2 and series 2 class B2, from BB-minus to CC; class C and series 2 class C, from B to CC; and class D and series 2 class D, from CCC to CC. All the notes remain on Rating Watch Negative. The downgrades were attributed to "significant declines in portfolio value." Fitch said the proceeds of the notes are used to buy a diversified portfolio of triple-A rated, primarily private-label residential MBS.
-
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.
2m ago -
The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
5h ago -
The top five producers had an average dollar volume of VA and USDA loans of more than $35 million in 2023.
6h ago -
The JPMorgan Chase CEO took aim Tuesday at the proposed Basel III endgame rules, hindrances to mergers and bureaucratic burdens. "I would love to have a more productive relationship with regulators, but I think it takes conversation," Dimon said.
9h ago -
While income decreased from the fourth quarter, it accelerated on an annual basis across NVR's building and lending units.
April 23 -
Many legal experts think the Supreme Court will rule in favor of the Consumer Financial Protection Bureau in a case challenging its funding. Such a ruling would unleash a flurry of litigation that has been on hold pending the outcome of the constitutional challenge.
April 23