Fitch Ratings issued a flurry of rating actions Oct. 29 that included downgrades of 51 classes of mortgage-backed securities.Fitch also placed seven classes of MBS on Rating Watch Negative and affirmed the ratings on 67 classes. Among the securities affected by the downgrades were: 26 classes from six issues of Structured Asset Investment Loan mortgage pass-through certificates and 14 classes from three issues of Amortizing Residential Collateral mortgage pass-throughs. The negative rating actions were attributed chiefly to a deterioration in the relationship between credit enhancement and loss expectations, although one was linked to changes in Fitch's subprime loss forecasting assumptions. The rating agency can be found online at http://www.fitchratings.com.
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Ohio-based Liberty Home Mortgage joins several companies who started using a more modernized FICO credit score for nonconforming mortgage originations recently.
8h ago -
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.
9h ago -
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.
April 17 -
The push comes amid what one expert highlighted as lax funding efforts for two Department of Housing and Urban Development grant programs.
April 17 -
Conventional lending drove volumes higher, particularly in the purchase market, the Mortgage Bankers Association said.
April 17 -
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.
April 16