Finance America Pass-Thrus Downgraded

December 20, 2007, 3:00 p.m. EST 1 Min Read

Eight classes of Finance America mortgage pass-through certificates from series 2004-1 and series 2004-3 have been downgraded by Fitch Ratings.Fitch also placed three classes on Rating Watch Negative, removed two classes from Rating Watch Negative, and affirmed the ratings on 10 other classes in the two deals. The negative rating actions were attributed to deterioration in the relationship between credit enhancement and expected losses.

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

TRENDING

FTC

FTC files 'junk fee' complaint against payments firm Doxo

Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.

By Bonnie Sinnock

April 25
Racial bias

Majority of U.S. residents say they've faced housing discrimination

Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.

By Spencer Lee

April 25
Regulation and compliance

Why LOs could be insulated from noncompete ban's impact

Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.

By Andrew Martinez

April 25

MORE FROM NATIONAL MORTGAGE NEWS

FTC

FTC files 'junk fee' complaint against payments firm Doxo

Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.

By Bonnie Sinnock

April 25
Racial bias

Majority of U.S. residents say they've faced housing discrimination

Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.

By Spencer Lee

April 25
Regulation and compliance

Why LOs could be insulated from noncompete ban's impact

Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.

By Andrew Martinez

April 25
Industry News

Top-producer and assistant charged in "large-scale" mortgage scheme

Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.

By Maria Volkova

April 25
Originations

Mortgage rates rise on weak economic news

Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.

By Brad Finkelstein

April 25
Originations

Mortgage bankers post a record annual loss on originations

Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.

By Brad Finkelstein

April 25