Fifteen classes from three issues of IndyMac Manufactured Housing contract pass-through certificates have been downgraded by Fitch Ratings.The downgrades were as follows: series 1997-1, classes A-2 to A-6, from AA to A, and class M, from CCC to C; series 1998-1, classes A-3 to A-5, from A to BBB-plus, and class M, from CCC to C; and series 1998-2, classes A-2 to A-4, from AA to A, class M-1, from B to CC, and class M-2, from CCC to C. The downgrades were due to continued poor performance of the underlying collateral, as well as diminishing credit enhancement, Fitch said. As of the February distribution date, the cumulative loss percentages on series 1997-1, 1998-1, and 1998-2 were 22.63%, 22.10%, and 20.01%, respectively, the rating agency said.
-
The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
3h ago -
The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
8h ago -
Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
10h ago -
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.
April 24 -
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.
April 24 -
The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
April 24