The ratings on 12 tranches of mortgage-backed securities issued by Structured Asset Investment Loan Trust in 2004 have been placed on review for possible downgrade by Moody's Investors Service.The affected securities are as follows: series 2004-1, classes M5 and M6; series 2004-3, class M5; series 2004-4, classes M7 and M8; series 2004-5, class B; series 2004-7, class M7; series 2004-8, class M9; and series 2004-BNC1, classes M5, M6, M7, and B1. "The tranches being reviewed have experienced a decrease in available credit enhancement, and the recent pace of losses in each deal has eroded overcollateralization below its targeted level," Moody's said. The collateral backing each deal consists primarily of first-lien, subprime fixed- and adjustable-rate mortgage loans. Moody's can be found online at http://www.moodys.com.
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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.
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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.
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While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
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The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
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Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
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The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
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