Four classes of notes from two collateralized debt obligations managed by ACA Management LLC have been placed on Rating Watch Negative by Fitch Ratings.The affected securities are class D of ACA ABS 2003-1 and classes B-F, B-V, and C of ACA ABS 2003-2. The transactions are supported chiefly by residential mortgage-backed securities, along with asset-backed securities, other CDOs, commercial MBS, and the debt of real estate investment trusts, Fitch said. The negative rating actions were based on credit deterioration within the two portfolios and the high exposure of the two transactions to underperforming 2006 vintage subprime closed-end, second-lien RMBS assets, the rating agency said. In addition, 2.18% of the portfolio has been placed on Rating Watch Negative.
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While home lenders are seeing a decrease in issues coming through mobile channels, phone fraud spiked last year, accounting for 28% of losses, a new report found.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
April 24 -
The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
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Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
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A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
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The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
April 24