Class B of First Union Home Equity Loan Series 1997-1 has been downgraded from BB-minus to B by Fitch Ratings.The rating action attributed the downgrade to the poor performance of the underlying collateral in the deal. Monthly losses have generally exceeded monthly excess spread, Fitch said.
Heading into this week's Federal Open Market Committee meeting, the Fed's core indicators are painting a different picture of the economy than real-time measures, injecting more uncertainty into Wednesday's FOMC meeting than usual.
The RMBS deal expects to pay coupons of 4.53% on the A1A through B4 notes, virtually all the notes in the capital structure.
The agency proposed to repeal a regulation that requires FHLBanks to submit formal notices before engaging in new business activities that carry unmanaged risk.
So far this year, the volume of closed-end second and home equity line of credit securitizations is near last year's $29 billion, Bank of America Securities said.
Home price growth is accelerating as inventory stalls—Chicago and Pittsburgh lead mid-tier gains at 4.2%, while Denver and Las Vegas see supply-driven price corrections.
The industry leaders are sparring over refinance business from a Mr. Cooper portfolio, and UWM contends it didn't specifically try to harm its rival.
