Class BV of IndyMac ABS Inc. Home Equity series SPMD 2000-C, group 2, has been downgraded from B to CCC by Fitch Ratings.In addition, Fitch affirmed the ratings on three other classes in the transaction. The negative rating action was attributed to poor collateral performance and "the deterioration of asset quality beyond original expectations." Series SPMD 2000-C, group 2, originally contained 9.51% in manufactured housing collateral, and the percentage had increased to 25.3% as of December 2004. "To date, the MH loans have exhibited very high loss severities, causing Fitch to have concerns regarding the adequacy of enhancement in this deal," the rating agency said. MH collateral has been responsible for 55% of cumulative losses. Fitch can be found online at http://www.fitchratings.com.
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Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
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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.
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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.
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The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
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The top five producers had an average dollar volume of VA and USDA loans of more than $35 million in 2023.
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The JPMorgan Chase CEO took aim Tuesday at the proposed Basel III endgame rules, hindrances to mergers and bureaucratic burdens. "I would love to have a more productive relationship with regulators, but I think it takes conversation," Dimon said.
April 24