The M-7 classes from People's Choice Home Loan Trust series 2004-1 and 2004-2 have been downgraded from Baa3 to B3 by Moody's Investors Service, and seven certificates from the deals have been placed on review for possible downgrade.The certificates placed on review are as follows: classes M-4, M-5, and M-6 of series 2004-1 and classes M-3, M-4, M-5, and M-6 of series 2004-2. The negative rating actions were taken because credit enhancement levels may be low given the projected losses on the underlying pools, Moody's said. The transactions are backed primarily by first-lien adjustable- and fixed-rate subprime mortgage loans. Moody's can be found online at http://www.moodys.com.
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Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
April 25 -
Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
April 25 -
Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
April 25 -
Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
April 25 -
Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
April 25 -
Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
April 25