Class B of First Union Home Equity Loan Series 1997-3 has been downgraded from BBB to BB by Fitch Ratings and removed from Rating Watch Negative.The rating action was attributed to the poor performance of the underlying collateral in the deal. Losses have been higher than expected and have resulted in the depletion of overcollateralization, Fitch said.
Experts have some tips for how to best employ strategies that can minimize the damage from changes in the market.
Bill Pulte, FHFA director, has ordered Fannie Mae to update its servicer guide to mirror Freddie Mac policy regarding notifying borrowers about dropping MI.
Seven of eight offices are open; debit cards are capped at $1,000 a day; and the bank's website is down. The bank has given no restoration date.
It will be a promotion for Jones, currently the deputy assistant secretary for single-family housing at the Department of Housing and Urban Development.
The Federal Housing Administration share of August new-home purchase applications hit its highest mark in three months, the Mortgage Bankers Association said.
While Federal Reserve Chair Kevin Warsh has sought to inject some mystery into the central bank's communications with markets, an American Banker analysis shows that officials other than the chair have been speaking more and more frequently over the last few decades.
