Class M-II-3 of Residential Asset Mortgage Products Inc. Trust series 2003-RS7 has been placed on review for possible downgrade by Moody's Investors Service.The negative rating action was attributed to credit enhancement levels that are deemed to be low given the projected losses on the underlying pools. "The pool of mortgages has seen losses in recent months, and future loss could cause a more significant erosion of the overcollateralization," Moody's said. The transaction consists of a fixed-rate pool and an adjustable-rate pool containing mortgages that are not eligible for inclusion in Residential Funding Co. loan program securitizations because they do not satisfy the program guidelines, the rating agency said.
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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.
5h ago -
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.
8h ago -
While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
10h ago -
The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
10h ago -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
11h ago -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
11h ago