Six tranches from GSAMP Trust 2004-SEA2 have been downgraded by Moody's Investors Service.The downgrades were as follows: class M-2, from A2 to Baa2; class M-3, from A3 to Baa3; class M-4, from Baa1 to Ba2; class M-5, from Baa2 to B1; class B-1, from Ba3 to B3; and class B-2, from Caa3 to C. The downgrades were based on "rapid deterioration" of overcollateralization and subordination caused by "an accelerating pace of losses," the rating agency said. The losses were attributed to a high frequency of defaulted loans and "substantial severity" of loss on liquidated collateral. The transaction was issued with seasoned subprime mortgage loans, some of which had experienced delinquency prior to securitization.
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The five states with the lowest property taxes have an average effective real-estate tax rate of 0.44%.
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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.
April 17 -
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.
April 17 -
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