Two classes of Comfed Mortgage mortgage pass-through certificates backed by adjustable-rate mortgage loans have been placed on review for possible downgrade by Moody's Investors Service.The affected classes are: class A of series 1987-01 and class A of series 1988-01. The actions stemmed from weak performance by the underlying loans, which have taken greater-than-expected losses and are expected to continue to do so, Moody's said. The classes have both taken writedowns. Moody's can be found on the Web at http://www.moodys.com.
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Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
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Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
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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.
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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.
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While home lenders are seeing a decrease in issues coming through mobile channels, phone fraud spiked last year, accounting for 28% of losses, a new report found.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
April 24