Four classes from two Long Beach Mortgage Loan Trust transactions have been downgraded by Fitch Ratings.The downgrades were as follows: series 2003-2, class M-4, from BBB-minus to B, and class M-5, from BB-plus to CCC/DR1; and series 2004-2, class M-7, from BBB-minus to BB-minus, and class B, from BB to CCC/DR1. Fitch also placed class M-3 of series 2003-2 and class M-6 of series 2004-2 on Rating Watch Negative and affirmed the ratings on eight other classes in the two deals. The negative rating actions were attributed to deterioration in the relationship between credit enhancement and loss expectations. The collateral in the deals consists of subprime loans secured by first- and second-lien mortgages or deeds of trust.
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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