Seven classes from two Meritage Mortgage Loan Trust securitizations have been downgraded by Fitch Ratings, and two other classes have been placed on Rating Watch Negative.The downgrades were as follows: series 2004-1, class M-6, from BBB-plus to BBB, class M-7, from BBB to BB-plus, class M-8, from BB-minus to B, and class B-1, from B-plus to C (and assigned a Distressed Recovery rating of DR4); and series 2004-2, class M-8, from BBB-plus to BB-plus, class M-9, from BBB to BB, and class M-10, from BB-plus to B-plus. The securities placed on Rating Watch Negative were classes M-6 and M-7 of series 2004-2. Fitch said the negative rating actions were due to a deterioration in the relationship between credit enhancement to expected losses.
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According to the Federal Reserve Board's latest financial stability report, persistent inflation and policy uncertainty are the primary worries for banks. Survey respondents expressed heightened anxiety over murky policy outlooks due to geopolitical turmoil and rapidly approaching domestic elections.
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Leaders of ORNL Federal Credit Union are piloting Zest AI's new artificial intelligence-powered assistant to ensure equitable underwriting practices and measure performance against similar institutions.
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McCargo stabilized the agency at a crucial time as she helped navigate it through both a pandemic and subsequent dramatic interest-rate cycle change.
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The quasi-public entity's plan to buy certain closed-end seconds would constitute "unnecessary government encroachment," the Structured Finance Association said.
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The mortgage subsidiary of Hilltop Holdings posted another quarterly loss and volume slipped, but management also sees signs of optimism.
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The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
April 18