More than 750 additional classes of subprime mortgage pass-through certificates have been downgraded by Fitch Ratings as a result of changes to its subprime loss forecasting assumptions. Fitch also affirmed the ratings on classes with outstanding balances of more than $14 billion. Among the securities affected by the latest downgrades were: 177 classes from 16 Morgan Stanley deals; 158 classes from 14 SASCO deals; 87 classes from seven HASCO deals; 84 classes from seven SAIL deals; 64 classes from five Nomura deals; 44 classes from four NovaStar deals; 43 classes from four Soundview deals; 27 classes from two BNC deals; 26 classes from two Renaissance deals; 25 classes from two UBS deals; 22 classes from two Citigroup deals; and 13 classes from one GE-WMC deal. All were first-lien subprime transactions. 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." Fitch can be found online at http://www.fitchratings.com.
-
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.
1h ago -
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.
1h ago -
Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
1h ago -
Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
2h ago -
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.
5h ago -
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.
5h ago