Twenty-two classes from 10 second-lien subprime transactions issued in 2007 have been placed on review for possible downgrade by Moody's Investors Service.The rating actions affected deals issued by Ace Securities Corp. Home Equity Loan Trust, American Home Mortgage Investment Trust, Bear Stearns Mortgage Funding Trust, C-Bass Mortgage Loan Asset-Backed Certificates, Greenpoint Mortgage Funding Trust, Nomura Asset Acceptance Corp. Alternative Loan Trust, SACO I Trust, and Terwin Mortgage Trust. In a review of second-lien transactions rated in 2007, Moody's said it found that their projected pipeline losses had "significantly increased over the past few months, likely affecting the credit support for these certificates." The rating agency noted that it recently updated its methodology for rating closed-end second-lien transactions because of "the rapid velocity of early delinquencies and losses in closed-end second-lien subprime loans originated in 2006."
-
The top five producers had an average dollar loan volume of more than $140 million in 2023.
2h ago -
The threats to companies loom as borrowers face soaring homeowners insurance costs, ex-Ginnie Mae head Ted Tozer explains.
4h ago -
After several quarters of slumping investment banking and trading fees, the Charlotte, North Carolina-based company reported a big uptick from that division, which helped compensate for a large decline in net interest income.
April 22 -
The Federal Housing Administration, the Department of Veterans Affairs and the Federal Housing Finance Agency have started gathering data and analyzing how climate risk will impact the housing ecosystem.
April 22 -
The Federal Reserve's Office of the Inspector General says the Fed has yet to fulfill 65 recommendations, and also identified 18 outstanding issues at the Consumer Financial Protection Bureau.
April 22 -
A special committee is exploring any possible structural "strategic alternatives," which would be aimed at increasing shareholder value, the real estate investment trust said.
April 22