Three classes of mezzanine and subordinated tranches from two mortgage-backed securitizations issued by Credit Suisse First Boston Mortgage Securities Corp. have been placed under review for possible downgrade by Moody's Investors Service.The affected securities are class B of series 2002-HE1 and classes M-F-2 and B-F of series 2002-HE4. In addition, Moody's placed three tranches from three CSFB mortgage-backed deals under review for possible upgrade. The negative actions were based on the fact that the bonds' credit enhancement levels (including excess spread) are low compared with projected losses for the current rating level, the rating agency said. The pools are subprime first-lien adjustable-rate and fixed-rate loans.
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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.
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Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
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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.
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The top five producers had an average dollar volume of VA and USDA loans of more than $35 million in 2023.
April 24