Class B-5 of Mellon Residential Funding Corp. series 1998-A mortgage-backed securities has been downgraded from CCC to C by Fitch Ratings.Fitch also upgraded five classes and affirmed the ratings on 25 other classes in six Mellon deals. The downgrade resulted from higher-than-expected collateral losses that have exhausted credit support to that class, the rating agency said. The pool had incurred cumulative losses of 0.89% as of the August 2005 distribution, and approximately 4.14% of the remaining pool balance was more than 90 days delinquent. The collateral consists of alternative-A, 30-year, fixed-rate mortgage loans secured by first liens on one- to four-family residential properties. Fitch can be found on the Web at http://www.fitchratings.com.
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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.
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Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
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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.
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April 25