Four tranches from two Countrywide securitizations have been placed under review for possible downgrade by Moody's Investors Service.The affected classes are as follows: Reperforming Loan REMIC Trust 2003-R2, classes B-3 and B-4, and CWMBS Series 2003-R3, classes B-3 and B-4. The review is based on the fact that the collateral has experienced higher-than-expected losses. "The effect of such losses has been that unrated subordinate tranches have experienced writedowns which have reduced the credit enhancement available to rated tranches which rely on subordination for protection," Moody's said. The underlying collateral consists of reperforming loans insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs.
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A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
6h ago -
Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
9h ago -
While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
11h ago -
The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
11h ago -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
July 11 -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
July 11