Fitch Ratings has downgraded eight classes from a group of Delta Funding mortgage transactions but upgraded or affirmed a greater number of classes in total from the same group of deals.The classes downgraded were: series 1997-2, class M-1 to A from AA and class M-2 to BB from BBB+; series 1999-2, class B to CC from CCC; series 1999-3, class M-2 to BBB from A and class B to C from CCC; series 2000-1, class B to CC from B-; series 2000-2, class M-2 to BBB- from A; and series 2000-4, class M-2 to CCC from B. Fitch can be found on the Web at http://www.fitchratings.com.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
April 24 -
The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
April 24 -
Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
April 24 -
A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
April 24 -
The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
April 24 -
The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
April 24