Eight classes of New Century Home Equity Loan Trust series 2006-S1 have been downgraded by Fitch Ratings, four of which have also been placed on Rating Watch Negative.The downgrades were as follows: class M-1, from AA to A-minus; class M-2, from A-plus to BBB; class M-3, from A to BB; class M-4, from A-minus to B; class M-5, from BBB-plus to C/DR5; class M-6, from BBB to C/DR5; class M-7, from BB to C/DR6; and class M-8, from BB-minus to C/DR6. Fitch also placed classes M-1 through M-4, as well as classes A-1, A-2a, and A-2b, on Rating Watch Negative, and removed class M-6 from Rating Watch Negative. The negative rating actions were attributed to the fact that credit enhancement levels may be too low to maintain current rating levels in view of projected losses. The transaction is backed by subprime second-lien loans. Fitch can be found online at http://www.fitchratings.com.
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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