Four classes of notes and one class of preference shares issued by McKinley Funding III Ltd., a collateralized debt obligation backed partly by residential mortgage-backed securities, have been downgraded by Moody's Investors Service.The downgrades were as follows: class A-2, from Aaa to A2 (and left on review for possible further downgrade); class B-l, from Aa2 to Caa3 (and left on review for possible further downgrade); class B-2, from Aa3 to Ca; class C, from Baa2 to Ca; and preference shares, from Ba1 to Ca. Moody's said the negative rating actions reflect "severe deterioration" in the credit quality of the underlying portfolio, as well as a Dec. 10 event of default caused by the failure of the class A overcollateralization ratio to equal or exceed 100%, as required under the indenture.
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A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
6h ago -
Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
9h ago -
While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
11h ago -
The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
11h ago -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
July 11 -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
July 11