Eastman CDO Class Downgraded

Published January 27, 2006, 3:00 p.m. EST

1 Min Read

Class B-1 notes issued by Eastman Hill Funding I Ltd., a collateralized debt obligation partly composed of residential mortgage-backed securities, has been downgraded from B to CCC by Fitch Ratings.In addition, the ratings on four other classes were affirmed. Fitch said the deal is failing its coverage ratio tests as follows: overcollateralization has declined to 108.7%, below the trigger level of 109.0%, and its interest coverage ratio of 81.1% falls far short of the trigger of 115.0%. RMBS represent 30% of the transaction, the rating agency said. Fitch can be found on the Web at http://www.fitchratings.com.

Processing Content

For reprint and licensing requests for this article, click here.

MORE FROM NATIONAL MORTGAGE NEWS

Secondary markets

Pulte moves give whole loan sellers reason to act on VS4

Lenders may not be able to fully respond to the broader government-sponsored enterprises' rollout of VantageScore 4.0 yet but there is one thing they can do now.

By Bonnie Sinnock
Capital Markets Editor

1h ago
Mortgage rates

Rising rates force concessions: reach sideline buyers

Sellers are easing demands as rates hit 15-month highs, giving buyers leverage. Originators: target sideline buyers before next week's Fed hike lifts rates further.

By Brad Finkelstein
Originations Editor

1h ago
Originations

Lenders see robust jumbo market despite tightening credit

The decrease in jumbo availability accounted for much of the drop in the latest mortgage credit index, as conforming and government offerings were unchanged.

By Spencer Lee
Technology Reporter

6h ago
Inflation

Modest CPI reading gives Fed no clear direction on rates

The consumer price index rose 0.4% last month, in line with July's reading. For a monetary policy committee that has been split on inflation, the inconclusive report will compel the Fed to make a call on whether to raise interest rates or stay put.

By Kyle Campbell
Staff writer

8h ago
9/11 Anniversary

Lessons from 9/11: How one NYC community bank rebounded

Abacus Federal Savings Bank in Chinatown scrambled to reopen in the days following the World Trade Center attacks. The exercise resulted in the bank's first disaster-recovery plan.

By Allissa Kline
Reporter

11h ago
RMBS

PMT Loan Trust raises $363.6 million in prime RMBS

The current transaction has the largest collateral pool that the platform has issued all year, with 294 loans, and it has the highest percentage of conforming loans, at 45.1%.

By Donna M. Mitchell
Editor

September 10

Load More