The ratings on four classes of the Merit Securities Corp. series 12-1 manufactured housing securitization are being reviewed for possible downgrade by Moody's Investors Service.The affected classes of the collateralized bond obligation are: 6.45% class 1-A-3, 6.88% class 1-M-1, 7.35% class 1-M-2, and 7.88% class 1-B. Moody's said the review was prompted by the weaker-than-anticipated performance of the MH loans that make up the collateral pool. As of February, cumulative losses exceeded 9%. "Moreover, the high cumulative losses and insufficient excess spread have caused overcollateralization to erode," the rating agency said. "Based on the weak performance, the rating changes could be significant." Merit is a wholly owned subsidiary of Dynex Capital Inc., Glen Allen, Va. The loans that make up the collateral pool are being serviced by Origen Financial.
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Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
April 25 -
Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
April 25 -
Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
April 25 -
Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
April 25 -
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.
April 25 -
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.
April 25