Four classes from two Ocwen Home Equity Loan Trust transactions have been downgraded by Fitch Ratings.The downgrades were as follows: Ocwen mortgage loan asset-backed certificates series 1998-OFS3, class M-2, from A to A-minus, and class B, from BBB to BB; and Ocwen Residential MBS Corp. mortgage pass-through certificates series 1998-R3, class B-2, from AA to A, and class B-3, from CCC to C. The rating agency also affirmed the ratings on 22 classes from six Ocwen deals. The downgrades were attributed to consistent or rising monthly losses that have reduced credit enhancement. The 1998-OFS3 certificates are backed by fixed- and adjustable-rate mortgage loans, and the Ocwen Residential deal is collateralized by seasoned, re-performing mortgage loans acquired from the Department of Housing and Urban Development, Fitch said. The rating agency said it defines a re-performing loan as one that has experienced a default and is 30 days or more delinquent on regular payments, but has made at least three payments in the past four months. Fitch can be found online at http://www.fitchratings.com.
-
Elevated delinquency levels have not affected expected losses, however, due to home price appreciation, Fitch Ratings said.
4h ago -
Retail lenders, including Beeline, Tomo Mortgage and Rocket Mortgage, settled with the department over infractions like submitting a false certification to not having the proper liquidity to be in the program.
5h ago -
A pair of bills, one with bipartisan support, look to address the issues around heirs' property so these families can have clear title on their homes.
5h ago -
The agreement, in which the real estate giant admits no wrongdoing, will cover around 70,000 agents.
7h ago -
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