Five classes from two Merit Securities Corp. manufactured housing contract transactions have been downgraded by Fitch Ratings.The downgrades were as follows: series 12-1, class M-1, from A to BBB-minus, class M-2, from BB-minus to B, and class B-1, from CCC to CC; and series 13, class M-1, from BBB-minus to BB-minus, and class M-2, from B to B-minus. Fitch also affirmed the ratings on three other classes from the two deals. The rating agency said the downgrades reflect the poor performance of the collateral pool. The deals, both issued in 1999, include loans that were called from previous transactions. Fitch can be found online at http://www.fitchratings.com.
-
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.
July 11 -
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.
July 11 -
While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
July 11 -
The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
July 11 -
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