Four classes of Merrill Lynch Mortgage Investors Inc. mortgage pass-through certificates have been downgraded by Fitch Ratings, and four other classes have been placed on Rating Watch Negative.The downgrades were as follows: series 2005-SL1, class B4, from BBB-plus to BBB, and class B5, from BB-plus to B-plus; series 2005-SL2, class B5, from BB-plus to B-plus; and series 2005-SL3, class B5, from BB to B-plus. The securities placed on the Rating Watch Negative were as follows: class B4 of series 2005-SL3, and classes B3, B4, and B5 of series 2005-NCA. The rating agency also affirmed the ratings on 29 classes in five Merrill Lynch deals. The negative rating actions were attributed to a deterioration in the relationship of credit enhancement to expected losses.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
19m ago -
The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
4h ago -
Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
7h ago -
A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
8h ago -
The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
9h ago -
The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
April 24