Class B-3 of Merit Securities Corp., series 11, has been downgraded from BBB to B by Fitch Ratings.Fitch also affirmed the ratings on four other classes in the deal. The downgrade reflects the poor performance of the collateral pool and higher-than-expected losses, the rating agency said. "A key to the poor performance of the collateral is the high percentage of manufactured housing loans remaining in the pool," Fitch said. "Manufactured housing loans typically experience a higher rate of default and higher loss severities on liquidated loans." The collateral consists of over 77% manufactured housing, 18% single-family detached units, and less than 1% planned unit developments, according to Fitch.
-
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