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.
-
Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
April 25 -
Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
April 25 -
Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
April 25 -
Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
April 25 -
Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
April 25 -
Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
April 25