Moody's Investor Service has rated the first cross-border "take-out" deal, a U.S. dollar-denominated securitization of residential housing construction loans in Mexico.The transaction, Hipotecaria Su Casita Construction Loan Trust Variable Funding Notes, series 2005-1, consists of approximately $100 million of rated debt securities. Hipotecaria Su Casita originated the construction loans in the deal. Moody's gave the transaction its top rating of Aaa based on the strength of bond insurance provided by Ambac Assurance Corp. Moody's can be found on the Web at http://www.moodys.com.
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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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The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
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