Class B-5 of Financial Asset Securitization Inc. 1997-NAMC1 has been downgraded from BBB to CCC/DR2 by Fitch Ratings.In addition, the rating agency placed class B-4 of the deal and class B-3 of series 1997-NAMC2 on Rating Watch Negative and affirmed the ratings on eight classes from the two deals. Fitch attributed the negative rating actions to a deterioration in the relationship between credit enhancement and expected losses. Fitch can be found on the Web at http://www.fitchratings.com.
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The new Financial Stability Oversight Council report also recommends an expanded Ginnie Mae PTAP facility and an industry-funded liquidity resource.
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The publicly traded title holding companies all had stronger earnings as the mortgage market improved from one year prior.
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One in every 37 residential properties nationwide had a loan-to-value ratio of 125% or greater to begin the year, according to a new report.
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There's temporary leeway on formal compliance with replacement-cost value requirements in order to sort out insurer concerns with a recent re-emphasis on them.
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Max Levchin, CEO of the buy now/pay later lender, said recent tests show young adults prefer interacting with intelligent chatbots over phone-based agents, but the company doesn't foresee major cost savings from generative AI for a few more years.
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May 10