Three certificates from two deals issued by GSAMP Trust in 2002 and 2003 have been downgraded by Moody's Investors Service.The downgrades were as follows: series 2002-HE, class B-1, from Baa1 to Ba2, and class B-2, from Baa2 to B1; and series 2003-HE1, class B-2, from Baa3 to B2. In addition, class B-2 from series 2003-HE2 was placed on review for possible downgrade, and the ratings on three certificates were confirmed. The actions were based on an "analysis of the credit enhancement provided by subordination, overcollateralization, and excess spread relative to the expected loss," Moody's said. The rating agency can be found online at http://www.moodys.com.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
11h ago -
The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
April 24 -
Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
April 24 -
A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
April 24 -
The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
April 24 -
The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
April 24