Two classes of GE Capital home equity loan pass-through certificates, series 1997-HE4, have been downgraded by Fitch Ratings.Class M was downgraded from AA to A, and class B1 was downgraded from CC to C. Fitch also affirmed the ratings on two other classes in the deal. Fitch attributed the downgrades to the deterioration of credit enhancement relative to monthly losses that have risen or held steady. The rating agency can be found online at http://www.fitchratings.com.
The decrease in jumbo availability accounted for much of the drop in the latest mortgage credit index, as conforming and government offerings were unchanged.
The consumer price index rose 0.4% last month, in line with July's reading. For a monetary policy committee that has been split on inflation, the inconclusive report will compel the Fed to make a call on whether to raise interest rates or stay put.
Abacus Federal Savings Bank in Chinatown scrambled to reopen in the days following the World Trade Center attacks. The exercise resulted in the bank's first disaster-recovery plan.
The current transaction has the largest collateral pool that the platform has issued all year, with 294 loans, and it has the highest percentage of conforming loans, at 45.1%.
The USA Patriot Act passed on an overwhelming bipartisan basis in the wake of the 9/11 attacks, overhauling banks' involvement in anti-money-laundering efforts.
Rocket jumps first to raise 2027 conforming loan limits to $845,000, with Rate and CrossCountry matching; UWM's move still pending marking an early signal of IMB competitive positioning.
