Class BV of IndyMac ABS Inc. series SPMD 2000-B group 2 has been downgraded from BBB to BB and removed from Rating Watch Negative by Fitch Ratings.In addition, the ratings on three other classes in the same home equity deal were affirmed. Fitch attributed the downgrade to "poor collateral performance and the deterioration of asset quality beyond original expectations." The deal originally contained 6.7% of manufactured housing collateral, but the percentage had increased to 19.1% as of July, the rating agency said. "To date, MH loans have exhibited very high historical loss severities, causing Fitch to have concerns regarding the adequacy of enhancement in this deal, especially with regard to class BV," Fitch said. The rating agency can be found online at http://www.fitchratings.com.
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Higher costs than expected, not just for the mortgage but for repairs and more, have recent buyers' regretting their purchase, Clever RE and Redfin found in separate reports.
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New guidelines regarding buy-side and sell-side real estate agent compensation are set to go into effect this summer.
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Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
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