Seven tranches from Newcastle Mortgage Securities Trust 2007-1 have been downgraded by Moody's Investors Service.The downgrades were as follows: class M-5, from A2 to A3; class M-6, from A3 to Baa2; class M-7-A, from Baa1 to Ba1; class M-7-B, from Baa1 to Ba1; class M-8-A, from Baa2 to Ba3; class M-8-B, from Baa2 to Ba3; and class M-9, from Baa3 to B2. "In its analysis, Moody's has combined its published methodology updates as of July 13th, 2007 to the nondelinquent portion of the transactions," the rating agency said. "Collateral backing these transactions is also experiencing higher-than-anticipated rates of delinquency, foreclosure, and REO relative to credit enhancement levels." The collateral backing these classes consists primarily of first-lien, fixed- and adjustable-rate subprime mortgage loans.
-
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.
9h ago -
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.
9h ago -
Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
9h ago -
Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
10h ago -
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