The class A-3 notes from Enhanced Mortgage-Backed Securities Fund V Ltd., a collateralized debt obligation, have been downgraded from CC/DR3 to C/DR4 by Fitch Ratings.In addition, Fitch withdrew its ratings on classes A-4 and B. The rating agency said the CDO had violated overcollateralization tests, and its portfolio of mortgage- and asset-backed securities was liquidated.
The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
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.
The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
