Three classes of GSRPM Mortgage Loan Trust, series 2002-1, have been downgraded by Fitch Ratings.The downgrades were as follows: class M-1, from AA-minus to A; class M-2, from BBB to BB; and class B, from BB-minus to B. Fitch also affirmed the rating on one class in the transaction. The downgrades were attributed to a deterioration in the relationship between credit enhancement and loss expectations. As of the March 25 distribution, cumulative losses had exceeded the loss trigger maximum at 8.44%, "causing the trigger to fail for the remainder of the pool's life," Fitch reported. The collateral consists primarily of performing and re-performing, seasoned, mainly first-lien residential mortgage loans that were purchased by an affiliate of GS Mortgage Securities Corp. and then sold to GS Mortgage Securities. The rating agency can be found online at http://www.fitchratings.com.
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A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
6h ago -
Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
9h ago -
While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
11h ago -
The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
11h ago -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
July 11 -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
July 11