Class B-2 of GS Mortgage Securities Corp. residential mortgage pass-through certificates, series 2003-NC1, has been placed on Rating Watch Negative by Fitch Ratings.Fitch also affirmed the ratings on four other classes in the GSAMP transaction. The negative ration action was attributed to a deterioration in the relationship between credit enhancement and expected loss. Losses have exceeded excess spread in the past six months and eroded the overcollateralization to a point below its target level, Fitch reported. The collateral backing the deal consists of closed-end subprime mortgage loans secured by first and second liens on residential properties.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
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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.
April 24 -
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 -
The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
April 24