Nine classes of certificates from five deals issued by NovaStar Mortgage Funding Trust in 2003 and 2004 have been downgraded by Moody's Investors Service.The actions were based on an analysis of the credit enhancement provided by subordination, overcollateralization, excess spread, and mortgage insurance relative to the expected loss, Moody's said. Four of the deals have already stepped down, and losses have begun to erode the overcollateralization while reducing credit enhancement provided by subordination, leaving the rated bonds less protected, the rating agency said. The deals are backed by fixed- and adjustable-rate subprime mortgage loans.
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A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
8h ago -
Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
10h ago -
While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
July 11 -
The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
July 11 -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
July 11 -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
July 11