Seven classes of asset-backed certificates from Meritage Mortgage Corp. series 2004-1 have been downgraded by Fitch Ratings.The downgrades were as follows: class M-1, from AA to A-minus; class M-2, from A-plus to BB-plus; class M-3, from A to B; class M-4, from BB-plus to B; classes M-5 and M-6, from B to CCC/DR1; and class M-7, from CC/DR2 to C/DR5. The downgrades were attributed to deterioration in the relationship between credit enhancement and expected losses. The mortgage pool consists of first- and second-lien residential mortgages. The rating agency can be found online at http://www.fitchratings.com.
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The plan that the Federal Housing Finance Agency floated calls for Freddie Mac to actively invest in some new closed-end seconds as cash-out refinancing subsides.
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The push comes amid what one expert highlighted as lax funding efforts for two Department of Housing and Urban Development grant programs.
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Conventional lending drove volumes higher, particularly in the purchase market, the Mortgage Bankers Association said.
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Net charge-offs at the Charlotte, North Carolina-based bank increased by more than 80% in the first quarter compared with a year earlier. BofA executives say that the rising losses were in line with the bank's risk appetite.
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In a motion to dismiss UWM's suit, Ramon Walker argues the trademark infringement claim made by UWM is a "pretext to muzzle [his] criticism."
April 16 -
The Federal Reserve chair's comments coincide with the spring meeting of the International Monetary Fund and the World Bank Group in Washington. They also come as groups like the Basel Committee on Banking Supervision are being scrutinized.
April 16