Class M10 of Structured Asset Securities Corp. residential mortgage-backed certificates, series 2006-7, has been placed on Rating Watch Negative by Fitch Ratings.In addition, Fitch affirmed the ratings on 10 classes from the SASCO transaction. The negative rating action was attributed to "signs of increasing credit risk."
Ohio-based Liberty Home Mortgage joins several companies who started using a more modernized FICO credit score for nonconforming mortgage originations recently.
The CFPB has dissolved the Office of Supervision, Enforcement and Fair Lending and eliminated the job of associate director in a move that impacts how it designates nonbanks for supervision.
The plan that the Federal Housing Finance Agency floated calls for Freddie Mac to actively invest in some new closed-end seconds as cash-out refinancing subsides.
The push comes amid what one expert highlighted as lax funding efforts for two Department of Housing and Urban Development grant programs.
Conventional lending drove volumes higher, particularly in the purchase market, the Mortgage Bankers Association said.
Net charge-offs at the Charlotte, North Carolina-based bank increased by more than 80% in the first quarter compared with a year earlier. BofA executives say that the rising losses were in line with the bank's risk appetite.
