Four classes of IndyMac MBS RAST 2006-A10 mortgage-backed securities have been downgraded by Fitch Ratings.The downgrades were as follows: class B-1, from AA to AA-minus; class B-2, from A to BBB; class B-3, from BBB to B; and class B-4, from BB to C/DR5. Fitch also affirmed the rating on one other class in the deal. The downgrades were attributed to a deterioration in the relationship between credit enhancement and loss expectations. The collateral for the deal consists of fixed-rate, first-lien residential mortgages.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
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The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
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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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