Two classes of Structured Asset Security Corp. Amortizing Residential Collateral Trust series ARC 2001-BC5 have been downgraded by Fitch Ratings.Class M-1 was downgraded from AA to AA-minus, and class M-2 was downgraded from A to BBB-plus. Fitch also affirmed the rating on one other class in the transaction. The downgrades were attributed to a deterioration in the relationship between credit enhancement and expected losses due to higher-than-expected serious delinquencies and to overcollateralization that is below the target amount. Approximately 41% of the pool is more than 60 days delinquent, and in five of the past 12 months the excess spread has not been sufficient to cover the monthly losses, the rating agency reported. The pool consists of subprime fixed- and adjustable-rate mortgage loans secured by first and second liens, primarily on one- to four-family residential properties.
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According to the Federal Reserve Board's latest financial stability report, persistent inflation and policy uncertainty are the primary worries for banks. Survey respondents expressed heightened anxiety over murky policy outlooks due to geopolitical turmoil and rapidly approaching domestic elections.
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Leaders of ORNL Federal Credit Union are piloting Zest AI's new artificial intelligence-powered assistant to ensure equitable underwriting practices and measure performance against similar institutions.
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McCargo stabilized the agency at a crucial time as she helped navigate it through both a pandemic and subsequent dramatic interest-rate cycle change.
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The quasi-public entity's plan to buy certain closed-end seconds would constitute "unnecessary government encroachment," the Structured Finance Association said.
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The mortgage subsidiary of Hilltop Holdings posted another quarterly loss and volume slipped, but management also sees signs of optimism.
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The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
April 18