Eight classes from three Conseco/Green Tree home equity and home improvement loan deals have been downgraded by Fitch Ratings.The downgrades were as follows: Green Tree Home Equity 1999-D, class B1, from BBB to BB-plus; Conseco Home Improvement 2000-E, class M1, from AA to AA-minus, class M2, from A to BBB-minus, class B1, from BBB to BB, and class B2, from BB to CC; and Conseco Home Equity 2001-D, class M2, from A-minus to BBB, class B1, from BBB-minus to BB-minus, and class B2, from BB-minus to CCC. In addition, Fitch upgraded 52 classes in 22 Conseco/Green Tree transactions and affirmed the ratings on 18 other classes. The downgrades were attributed to concerns about the adequacy of credit enhancement in view of expected losses.
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The rightsizing measures impacted workers in Colorado and Florida who worked at acquired Computershare Mortgage Services and its affiliate Specialized Loan Servicing.
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Former Angel Oak Lending Chief Marketing Officer Steven Winokur has come back into the non-qualified mortgage business by taking a marketing role at Carrington Mortgage Services.
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Originators increased program offerings for the fifth consecutive month, but overall credit availability remains tight, the Mortgage Bankers Association said.
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Malhotra joins the home finance giant after previously helping launch platforms to provide generative AI enterprise solutions and founding a technology research lab at the global multinational firm.
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The reverse-mortgage lender saw a quarterly loss but expects originations to increase 10% in the second quarter, as it attempts to address high-yield debt concerns.
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