The number of rating upgrades in the first quarter for U.S. structured finance transactions was nearly triple that of a year earlier, with commercial mortgage-backed securities leading the way, according to Fitch Ratings.Upgrades totaled 1,203 in the first quarter, compared with 421 in the first quarter of 2005, Fitch says in its latest global update report. The ratio of upgrades to downgrades also improved dramatically, rising from 1.1 to 1 in the first quarter of 2005 to 4.1 to 1. "By far the best-performing U.S. structured finance sector was CMBS, as evidenced by its 28.4:1 upgrade-to-downgrade ratio," the rating agency reported. "A sharp rise in defeasance was largely responsible for 483 upgrades, compared to just 17 downgrades." Residential MBS also turned in a strong rating performance, recording a 3.4 to 1 upgrade-to-downgrade ratio in the first quarter, far ahead of its 0.9 to 1 ratio a year earlier. "Longer term, however, the rate of RMBS upgrades will likely dwindle due to slowing prepayment speeds and subsequently slow build-up of credit enhancement," Fitch predicted. The rating agency can be found online at http://www.fitchratings.com.
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A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
6h ago -
Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
9h ago -
While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
11h ago -
The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
11h ago -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
July 11 -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
July 11