Two classes of Ocwen Residential MBS Corp. series 1999-R1 mortgage-backed securities have been downgraded by Moody's Investors Service.Class B4-A was downgraded from Ba2 to B1, and class B5-A was downgraded from Ca to C. The downgrades were attributed to weak collateral performance. Moody's said recent losses on the pool and high expected loss severities on the remaining collateral contributed to the rating actions. The certificates are secured primarily by first-lien, seasoned reperforming collateral, as well as loans with high loan-to-value ratios.
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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