Three subordinate classes from three Saxon Asset Securities Trust transactions have been placed under review for possible downgrade by Moody's Investors Service.The affected classes are: class MF-2 of series 2001-1; class B-1 of series 2001-2; and class B of series 2001-3. 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. In series 2001-1, the overcollateralization has been fully depleted and the BF-1 tranche is realizing losses, the rating agency said. In series 2001-2 and 2001-3, "pipeline losses could cause eventual depletion of the overcollateralization and possible losses on the most subordinate tranches," Moody's said. The certificates are secured by fixed- and adjustable-rate subprime home equity loans.
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Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
April 25 -
Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
April 25 -
Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
April 25 -
Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
April 25 -
Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
April 25 -
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.
April 25