Three classes of Aegis 2004-1 mortgage pass-through certificates have been downgraded by Fitch Ratings.The downgrades were as follows: class B1, from BBB-plus to BB (and removed from Rating Watch Negative); class B2, from BBB-minus to B; and class B3, from BB-minus to C/DR5. Fitch also affirmed the ratings on three other classes in the deal. The downgrades reflect deterioration in the relationship between credit enhancement and expected losses, Fitch said. The assets consist primarily of conventional residential mortgage loans, fully amortizing and balloon, extended to subprime borrowers.
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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.
5h 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.
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While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
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The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
10h ago -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
11h ago -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
11h ago