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.
-
Elevated delinquency levels have not affected expected losses, however, due to home price appreciation, Fitch Ratings said.
6h ago -
Retail lenders, including Beeline, Tomo Mortgage and Rocket Mortgage, settled with the department over infractions like submitting a false certification to not having the proper liquidity to be in the program.
7h ago -
A pair of bills, one with bipartisan support, look to address the issues around heirs' property so these families can have clear title on their homes.
7h ago -
The agreement, in which the real estate giant admits no wrongdoing, will cover around 70,000 agents.
9h ago -
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