Four classes from two GS Mortgage Securities Corp. deals issued in 2005 have been downgraded by Fitch Ratings. The downgrades were as follows: series 2005-SD1, class M-3, from BBB-plus to BBB, class B-1, from BBB to BB, and class B-2, from BBB-minus to B (and placed on Rating Watch Negative); and series 2005-SD2, class B-4, from BBB to BB. Fitch also affirmed the ratings on 10 classes in the two deals. The negative rating actions were attributed to deterioration in the relationship between credit enhancement and expected losses. The collateral consists of mortgage loans secured by residential properties or manufactured homes.
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Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
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Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
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Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
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While home lenders are seeing a decrease in issues coming through mobile channels, phone fraud spiked last year, accounting for 28% of losses, a new report found.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
April 24 -
The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
April 24