Class B of First Union Home Equity Loan mortgage pass-through certificates, series 1997-3, has been downgraded from B to CCC by Fitch Ratings and assigned a Distressed Recovery rating of DR2.Fitch said the downgrade reflects the deterioration of credit enhancement relative to expected losses, largely as a result of liquidations that have reduced the amount of overcollateralization supporting the transaction. The collateral consists of mixed fixed-rate and balloon mortgages extended to subprime borrowers.
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In an interview, Candor Technology's Sara Knochel recounts how she applies her childhood interest in languages and numbers to crucial home lending issues.
5h ago -
The report seeks to help banks "disrupt rapidly evolving AI-driven fraud," according to Treasury's Nellie Liang. The report found banks have difficulties accounting for AI risks.
March 27 -
The lender accused its former leader of compromising its Fannie Mae seller/servicer number to prevent it from delivering loans.
March 27 -
Equity is entitled to a little over $70,000 worth of damages.
March 27 -
Audited financials, proof of fidelity bonds and errors and omissions insurance must be provided on Ginnie Mae Central after May 13.
March 27 -
Deferrals are up but still haven't outpaced loan modifications in conservatorship-era foreclosure prevention, according to the Federal Housing Finance Agency.
March 27