Ten classes of notes from Duke Funding High Grade II-S/EGAM I Ltd., which is linked to residential mortgage-backed securities, have been downgraded by Fitch Ratings as a result of reported events of default.Fitch said the proceeds of the notes were used to acquire a diversified portfolio of primarily floating-rate RMBS. The issuer provided notices of the following events of default: inability to make payments as required under a hedge agreement to an interest rate hedge counterparty; and failure to pay interest due on various classes of the notes. "The events of default have resulted from declines in the market value of the portfolio which have left the issuer unable to meet margin calls from repurchase counterparties," Fitch reported.
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According to the Federal Reserve Board's latest financial stability report, persistent inflation and policy uncertainty are the primary worries for banks. Survey respondents expressed heightened anxiety over murky policy outlooks due to geopolitical turmoil and rapidly approaching domestic elections.
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Leaders of ORNL Federal Credit Union are piloting Zest AI's new artificial intelligence-powered assistant to ensure equitable underwriting practices and measure performance against similar institutions.
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McCargo stabilized the agency at a crucial time as she helped navigate it through both a pandemic and subsequent dramatic interest-rate cycle change.
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The quasi-public entity's plan to buy certain closed-end seconds would constitute "unnecessary government encroachment," the Structured Finance Association said.
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The mortgage subsidiary of Hilltop Holdings posted another quarterly loss and volume slipped, but management also sees signs of optimism.
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The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
April 18