Seven classes of notes issued by Dutch Hill Funding II Ltd., a cash-flow mezzanine structured finance collateralized debt obligation based partly on subprime residential mortgage-backed securities, have been placed on Rating Watch Negative by Fitch Ratings.The affected securities were the class A2, B, C, D-1, D-2, and D-3 notes and the class C loan. The negative rating actions resulted from collateral deterioration, as 30.8% of the long portfolio has been downgraded or placed under review for possible downgrade by at least one rating agency, Fitch reported. The CDO is based on a cash and synthetic portfolio and short contracts on $253.9 million of RMBS.
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The new Financial Stability Oversight Council report also recommends an expanded Ginnie Mae PTAP facility and an industry-funded liquidity resource.
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The publicly traded title holding companies all had stronger earnings as the mortgage market improved from one year prior.
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One in every 37 residential properties nationwide had a loan-to-value ratio of 125% or greater to begin the year, according to a new report.
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There's temporary leeway on formal compliance with replacement-cost value requirements in order to sort out insurer concerns with a recent re-emphasis on them.
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Max Levchin, CEO of the buy now/pay later lender, said recent tests show young adults prefer interacting with intelligent chatbots over phone-based agents, but the company doesn't foresee major cost savings from generative AI for a few more years.
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Test your knowledge of the biggest mortgage headlines of the week. No. 2 pencil not required!
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