Class B of ABFC mortgage loan asset-backed certificates, series 2001-AQ1, has been placed on review for possible downgrade by Moody's Investors Service.Moody's also placed on review for possible upgrade five certificates from Ameriquest Mortgage Co. asset-backed securitization deals. The transactions consist of fixed-rate and adjustable-rate first-lien subprime mortgage loans. The negative rating action was based on the fact that credit enhancement levels are low given projected losses on the underlying pools, Moody's said. "The transaction has taken losses, and pipeline loss could cause eventual erosion of the overcollateralization," the rating agency said. Moody's can be found online at http://www.moodys.com.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
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The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
April 24 -
Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
April 24 -
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.
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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.
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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