Seven subprime certificates from Meritage Mortgage Loan Trust 2004-1 and 2004-2 have been placed under review for possible downgrade by Moody's Investors Service.The affected classes are as follows: series 2004-1, classes M-4, M-5, M-6, M-7, and M-8; and series 2004-2, classes M-9 and M-10. The rating actions were taken because "credit enhancement provided by subordination, overcollateralization, and excess spread for each deal is low compared to the projected pipeline losses of the underlying pool," Moody's said. Both transactions are backed by first- and second-lien fixed- and adjustable-rate subprime mortgage loans originated by Meritage Mortgage Corp.
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Ohio-based Liberty Home Mortgage joins several companies who started using a more modernized FICO credit score for nonconforming mortgage originations recently.
6h ago -
The CFPB has dissolved the Office of Supervision, Enforcement and Fair Lending and eliminated the job of associate director in a move that impacts how it designates nonbanks for supervision.
7h ago -
The plan that the Federal Housing Finance Agency floated calls for Freddie Mac to actively invest in some new closed-end seconds as cash-out refinancing subsides.
10h ago -
The push comes amid what one expert highlighted as lax funding efforts for two Department of Housing and Urban Development grant programs.
April 17 -
Conventional lending drove volumes higher, particularly in the purchase market, the Mortgage Bankers Association said.
April 17 -
Net charge-offs at the Charlotte, North Carolina-based bank increased by more than 80% in the first quarter compared with a year earlier. BofA executives say that the rising losses were in line with the bank's risk appetite.
April 16