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.
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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.
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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.
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While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
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The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
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Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
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The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
July 11