Eight classes from four issues of Morgan Stanley mortgage-backed securities have been downgraded by Fitch Ratings, and one class has been placed on Rating Watch Negative.The negative rating actions, involving classes in series 2002-AM2, series 2003-SD1, series 2004-NC3, series 2004-NC4, and series 2004-NC6, were attributed to a deterioration in the relationship between credit enhancement and expected losses. Fitch also affirmed the ratings on 35 Morgan Stanley classes. The collateral in the deals consists of fixed- and adjustable-rate subprime mortgage loans secured by first and second liens on residential properties.
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The new Financial Stability Oversight Council report also recommends an expanded Ginnie Mae PTAP facility and an industry-funded liquidity resource.
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The publicly traded title holding companies all had stronger earnings as the mortgage market improved from one year prior.
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One in every 37 residential properties nationwide had a loan-to-value ratio of 125% or greater to begin the year, according to a new report.
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There's temporary leeway on formal compliance with replacement-cost value requirements in order to sort out insurer concerns with a recent re-emphasis on them.
5h ago -
Max Levchin, CEO of the buy now/pay later lender, said recent tests show young adults prefer interacting with intelligent chatbots over phone-based agents, but the company doesn't foresee major cost savings from generative AI for a few more years.
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May 10