Five classes of Structured Asset Securities Corp. mortgage pass-through certificates have been downgraded by Fitch Ratings. The downgrades were as follows: class B3 of series 2001-2, from CCC/DR2 to CC/DR3; class B3 of series 2001-9, from CCC/DR2 to CC/DR3; class B5 of series 2001-16H, from CCC/DR2 to CC/DR3; class B5 of series 2002-5A, from BB to B; and class B5 of series 2002-AL1, from B to CCC/DR3. Fitch also placed two classes on Rating Watch Negative and affirmed the ratings on 83 classes from 27 SASCO transactions. The collateral consists of fixed- and adjustable-rate prime and alternative-A mortgages.
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The real-estate services firm has purchased a title search company and affiliate just months after buying the Mortgage Contracting Services division from MCS.
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Workforce solutions firm 3N Performance agreed to a Washington consent order after officials found it had engaged in unlicensed processing and underwriting.
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Markets are still pricing in an increase in the federal funds rate later this month, but Federal Reserve Gov. Michael Barr said his vote will depend on incoming unemployment and inflation data.
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The nation's largest homebuilder is fending off accusations that it misled home buyers on their escrow estimates and saddled them with steep increases.
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Also, South River Mortgage appointed Tyler Plack as its next CEO, while First American Home Warranty welcomed Jason Gritters as its chief revenue officer.
August 31







