Class B2 of Morgan Stanley Dean Witter Capital I Inc. Trust, series 2002-OP1, has been placed under review for possible downgrade by Moody's Investors Service.The rating action was attributed to a low credit enhancement level given the projected losses on the underlying pool. "The transaction has taken losses, and pipeline loss could cause eventual erosion of the overcollateralization," Moody's said. The transaction is backed primarily by first-lien, fixed- and adjustable-rate subprime mortgage loans originated and serviced by Option One Mortgage Corp. Moody's can be found online at http://www.moodys.com.
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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.
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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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