Finance America MBS Classes Downgraded

September 11, 2007, 2:00 p.m. EDT 1 Min Read

Two classes of Finance America Mortgage Loan Trust 2004-2 mortgage pass-through certificates have been downgraded by Fitch Ratings.Class M-8 has been downgraded from BBB-minus to BB, and class M-9 has been downgraded from BB-minus to B. Fitch also affirmed the ratings on seven other classes in the transaction. The rating agency attributed the downgrade to a deterioration in the relationship between credit enhancement and loss expectations. The collateral consists of fixed- and adjustable-rate residential mortgage loans secured by first and second liens.

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

MORE FROM NATIONAL MORTGAGE NEWS

Earnings

PennyMac touts broker channel gains as earnings rebound

The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.

By Andrew Martinez

6h ago
Servicing

CFPB offers specifics on servicing fees subject to crackdown

The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.

By Bonnie Sinnock

10h ago
Technology

Figure Technology Solutions taps former SoFi exec as CEO

Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.

By Maria Volkova

April 24
Election 2024

Which party has the edge on housing? Polls say neither

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.

By Spencer Lee

April 24
Earnings

Mr. Cooper's profits triple as servicing's fortunes improve

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.

By Bonnie Sinnock

April 24
Mortgage applications

Potential buyers stay home during latest rate surge

The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.

By Spencer Lee

April 24