The long-term issuer default ratings of Fulton Financial Corp., Lancaster, Pa., and certain affiliates have been downgraded from A to A-minus by Fitch Ratings, which cited early payment defaults on 80/20 piggyback mortgage loans originated by Fulton's Resource Bank subsidiary.The short-term ratings of Fulton and its affiliates were affirmed at F1, and the rating outlook is stable. Fitch said it expects "continued pressure on earnings in tandem with the likelihood of further increases in nonperforming assets." Resource Bank had been originating piggyback, low-documentation loans through a national broker network, and investors began requesting that the bank repurchase the loans in the first quarter due to early payment defaults, Fitch reported. The rating agency can be found online at http://www.fitchratings.com.
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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.
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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.
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Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
April 25