Class B-1 of GSC Capital Corp. Mortgage Trust 2006-2 has been placed on Rating Watch Negative by Fitch Ratings.Fitch also affirmed the ratings on 15 classes from two GSC Capital transactions. The negative rating action was attributed to a deterioration in the relationship of credit enhancement to loss expectations. The mortgage pools consist of adjustable-rate, first-lien mortgage loans.
The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
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.
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.
The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
