Fitch Ratings has placed 2,972 classes of 2006 and 2007 subprime residential mortgage-backed securities (totaling approximately $139 billion) on Rating Watch Negative. Fitch said the actions resulted from an adjustment to its loss projections for subprime RMBS stemming from a significant deterioration in subprime mortgage performance in recent months. The rating agency attributed the deterioration to accelerating home price declines caused partly by "the dramatic contraction in the mortgage origination and securitization markets." Fitch said it has also increased its loss expectations for U.S. subprime RMBS backed predominantly by first-lien mortgages originated in 2006 and the first half of 2007. The rating agency can be found online at http://www.fitchratings.com.
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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.
5h ago -
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.
6h ago -
McCargo stabilized the agency at a crucial time as she helped navigate it through both a pandemic and subsequent dramatic interest-rate cycle change.
7h ago -
The quasi-public entity's plan to buy certain closed-end seconds would constitute "unnecessary government encroachment," the Structured Finance Association said.
9h ago -
The mortgage subsidiary of Hilltop Holdings posted another quarterly loss and volume slipped, but management also sees signs of optimism.
9h ago -
The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
April 18