Four classes of certificates in the Merit Securities Corp. series 12 manufactured housing deal have been downgraded by Moody's Investors Service.The downgrades were as follows: class 1-A-3, from Aaa to Baa2; class 1-M-1, from Aa2 to Ca; class 1-M-2, from A2 to C; and class 1-B, from Baa2 to C. Moody's said the rating actions were based on weaker-than-expected performance by the manufactured housing loans that make up the collateral pool. As of March, cumulative losses equaled 10.33%. "Because of the high cumulative losses and insufficient excess spread, overcollateralization in the transaction continues to erode," the rating agency said. Merit is a wholly owned subsidiary of Dynex Capital Inc., Glen Allen, Va. Moody's can be found online at http://www.moodys.com.
-
The head of the Consumer Financial Protection Bureau summarized his findings from a yearlong probe into the Appraisal Foundation. He says the "lawmaking body" is not accountable to the public or market forces.
9h ago -
The top five depositories have a combined wholesale volume of more than $15 billion at the end of Q4 2023.
10h ago -
Among opportunities to be offered to the program's fifth class of startup entrepreneurs are bank-provided mentorships and sessions with technology leaders and regulatory experts within home finance.
11h ago -
Financial advisors and tax experts say HOA fees are usually not deductible, unless the home is used for a business or as a rental property.
11h ago -
The broker argues it did not break any agreement because it never signed an amendment to UWM's ultimatum in 2022.
March 18 -
The racial gap in first-time buyers' ability to maintain their status as owners has also narrowed over the last two decades, the agency's researchers reported.
March 18