Twenty-two additional classes of subprime mortgage- and asset-backed securities 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 nearly $2 billion. Among the securities affected by the latest downgrades were: 12 classes from two Structured Asset Investment Loan Trust issues; four classes from one issue of Wells Fargo Home Equity asset-backed certificates; 14 classes from one SACO issue; and two classes from one CSFB HEMT issue. 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.
-
The top five producers had an average dollar loan volume of more than $140 million in 2023.
1h ago -
The threats to companies loom as borrowers face soaring homeowners insurance costs, ex-Ginnie Mae head Ted Tozer explains.
3h ago -
After several quarters of slumping investment banking and trading fees, the Charlotte, North Carolina-based company reported a big uptick from that division, which helped compensate for a large decline in net interest income.
April 22 -
The Federal Housing Administration, the Department of Veterans Affairs and the Federal Housing Finance Agency have started gathering data and analyzing how climate risk will impact the housing ecosystem.
April 22 -
The Federal Reserve's Office of the Inspector General says the Fed has yet to fulfill 65 recommendations, and also identified 18 outstanding issues at the Consumer Financial Protection Bureau.
April 22 -
A special committee is exploring any possible structural "strategic alternatives," which would be aimed at increasing shareholder value, the real estate investment trust said.
April 22