Seven certificates from three Residential Asset Mortgage Products Inc. Trust asset-backed securitization deals have been placed under review for possible downgrade by Moody's Investors Service.The affected classes are as follows: series 2002-RS1, classes M-I-2, M-I-3, and M-II-3; series 2002-RS2, classes M-I-2, M-I-3, and M-II-3; and series 2002-RS3, class M-II-3. The rating actions were based on the weaker-than-expected performance of the mortgage pools and the resulting erosion of credit support, Moody's said. "The overcollateralization in the 2002-RS1 and 2002-RS3 deals is being depleted, and pipeline losses for these deals could cause eventual losses on the most subordinate tranches," the rating agency said. "In addition, the overcollateralization in the 2002-RS2 deal has been fully exhausted and the class M-1-3 certificates have realized losses." The transactions consist of a fixed-rate pool and an adjustable-rate pool made up of mortgages that are not eligible for inclusion in Residential Funding Corp. specific loan program securitization because they do not satisfy the underlying guidelines for those programs. Moody's can be found online at http://www.moodys.com.
-
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.
July 11 -
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.
July 11 -
While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
July 11 -
The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
July 11 -
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