Four classes of Specialty Underwriting & Residential Finance asset-backed certificates have been downgraded by Fitch Ratings, and two have been placed on Rating Watch Negative.The downgrades were as follows: series 2003-BC1, class B-1, from BBB-plus to BB (and placed on Rating Watch Negative), and class B-2, from BB to C/DR6; and series 2003-BC2, class B-1, from BBB-plus to BB (and placed on Rating Watch Negative), and class B-2, from BBB to CC/DR3. In addition, Fitch affirmed the ratings on 11 classes from three SURF transactions. The negative rating actions were attributed to a deteriorating relationship between credit enhancement and loss expectations. SURF acts as program administrator for the seller, Merrill Lynch Mortgage Lending Inc., and its loan acquisition program facilitates the purchase by the Merrill Lynch company of eligible nonconforming loans from various SURF-approved originators, Fitch said.
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A group of plaintiffs in another action against the National Association of Realtors and three franchisors claimed harm if the May 9 final settlement hearing took place.
5h ago -
Out of the 221 metro areas tracked, 205 had existing home price increases and just 15 reported year-over-year declines, the National Association of Realtors said.
6h ago -
The rates of single parent homeownership by gender differ by 14 percentage points, even though more single women own homes than men.
11h ago -
Purchases and refinances both contributed to weekly growth, with notable increases in certain government-lending segments, the Mortgage Bankers Association said.
11h ago -
McCargo will succeed Teresa Bryce Bazemore at what the former sees as a "transitional, pivotal moment" for the Federal Home Loan bank.
May 8 -
Freddie's plan "has merit," but if also used by Fannie, it might create competition for many closed-end, second liens in PL RMBS, according to new research.
May 8