Three tranches from two deals issued by MASTR Second Lien Trust have been downgraded by Moody's Investors Service, and one tranche has been placed under review for possible downgrade.The downgrades were as follows: series 2005-1, class M-8, from Ba2 to B1; and series 2006-1, class M-7, from Ba1 to B3, and class M-8, from Ba2 to Caa2. Class M-6 of the latter series was placed under review for possible downgrade. The rating actions were attributed to weaker-than-expected performance by the mortgage collateral and a resulting erosion of credit support. The underlying collateral for the deals consists of second-lien, fixed-rate residential mortgage loans. The collateral in the 2005-1 was primarily originated by Accredited Home Lender (42%) and the collateral in the 2006-1 was primarily originated by Fremont Investment & Loans (47%) and American Home (31%).
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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.
6h 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.
7h ago -
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.
April 24 -
The top five producers had an average dollar volume of VA and USDA loans of more than $35 million in 2023.
April 24