Classes M-3 and M-4 from Asset-Backed Securities Corp. mortgage-pass through certificates series 2002-HE3 have been placed on Rating Watch Negative by Fitch Ratings.The rating actions were attributed to relatively high monthly losses that have been greater than the available excess spread, resulting in a deterioration of the amount of overcollateralization. The group 2 overcollateralization target amount has stepped down, while the group 1 OC target amount has not been allowed to step down due to a cumulative-loss trigger event, Fitch said. "The issuer and the trustee are currently reviewing the cumulative-loss trigger event language, which they believe may have been erroneously drafted," the rating agency reported. "If the trigger language were to be corrected (as proposed), group 1 would pass the trigger test and the OC target amount would be allowed to step down." Fitch can be found online at http://www.fitchratings.com.
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Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
April 25 -
Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
April 25 -
Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
April 25 -
Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
April 25 -
Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
April 25 -
Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
April 25