More than 200 classes of mortgage- and asset-backed securities have been downgraded by Fitch Ratings as a result of changes to its subprime loss forecasting assumptions.In addition to the 224 downgrades, Fitch placed 95 classes on Rating Watch Negative and affirmed the ratings on classes with outstanding balances of approximately $14 billion. Among the securities affected by the latest downgrades were: 36 classes from three Structured Asset Securities Corp. mortgage pass-through certificates; 30 classes from three Credit Based Asset Servicing & Securitization transactions; 29 classes from three Securitized Asset Backed Receivables transactions; 26 classes from two issues of Soundview asset-backed certificates; and 20 classes from two issues of HASCO mortgage pass-through certificates. The rating actions were attributed to changes to Fitch's subprime loss forecasting assumptions that "better capture the deteriorating performance of pools from 2006 and late 2005 with regard to continued poor loan performance and home price weakness."
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The agreement, in which the real estate giant admits no wrongdoing, will cover around 70,000 agents.
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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.
April 25 -
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.
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Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
April 25 -
Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
April 25 -
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.
April 25