Two classes of Luminent Mortgage Loan Trust series 2006-3 have been downgraded by Fitch Ratings.Class II-B-4 was downgraded from BB to B-plus, and class II-B-5 was downgraded from B to CCC and assigned a Distressed Recovery rating of DR2. In addition, the ratings on four other classes in the transaction were affirmed. The downgrades were attributed to a deterioration in the relationship between credit enhancement and loss expectations. The collateral consists of adjustable-rate mortgage loans.
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The new Financial Stability Oversight Council report also recommends an expanded Ginnie Mae PTAP facility and an industry-funded liquidity resource.
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The publicly traded title holding companies all had stronger earnings as the mortgage market improved from one year prior.
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One in every 37 residential properties nationwide had a loan-to-value ratio of 125% or greater to begin the year, according to a new report.
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There's temporary leeway on formal compliance with replacement-cost value requirements in order to sort out insurer concerns with a recent re-emphasis on them.
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Max Levchin, CEO of the buy now/pay later lender, said recent tests show young adults prefer interacting with intelligent chatbots over phone-based agents, but the company doesn't foresee major cost savings from generative AI for a few more years.
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May 10