Five classes from two Merrill Lynch Mortgage Investors Inc. subprime securitizations have been downgraded by Fitch Ratings.The downgrades were as follows: series 2003-OPT1, class B2, from BBB-plus to BB-plus, and class B3, from BBB-minus to B; and series 2003-WMC1, class M2, from AA-plus to AA-minus, class B1, from BB-minus to CCC/DR1, and class B2, from B to C/DR5. The rating agency also affirmed the ratings on 21 classes in four MLMI transactions. The downgrades were attributed to a deterioration in the relationship between credit enhancement and loss expectations.
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Former Angel Oak Lending Chief Marketing Officer Steven Winokur has come back into the non-qualified mortgage business by taking a marketing role at Carrington Mortgage Services.
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The process of making changes to foreclosure prevention programs has been complicated by differences in how the Department of Veterans Affairs operates compared to an agency like the Federal Housing Administration.
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Originators increased program offerings for the fifth consecutive month, but overall credit availability remains tight, the Mortgage Bankers Association said.
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Malhotra joins the home finance giant after previously helping launch platforms to provide generative AI enterprise solutions and founding a technology research lab at the global multinational firm.
May 6 -
The reverse-mortgage lender saw a quarterly loss but expects originations to increase 10% in the second quarter, as it attempts to address high-yield debt concerns.
May 6 -
Capital Community Bank of Provo has purchased Security Home Mortgage, headquartered in nearby Orem.
May 6