Four floating-rate classes of North Street Referenced Linked Notes 2000-1 Ltd., a collateralized debt obligation consisting partly of real estate investment trust securities, have been downgraded by Fitch Ratings.The downgrades were as follows: class B, from BBB to BBB-minus; class C, from BB to B; and classes D-1 and D-2, from CCC to CC. The rating on one other class in the transaction was affirmed, as were the ratings on two classes of another North Street deal. The downgrades were attributed to credit deterioration in the portfolio and the expectation of "additional credit events." The transaction is a partially funded synthetic CDO created to enter into credit default swaps with UBS Investment Bank, Fitch said. It consists of corporate bonds, asset-backed securities, and REIT securities.
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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.
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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