One class of notes issued by Orchard Park CDO Ltd., a collateralized debt obligation partly composed of residential and commercial mortgage-backed securities, has been downgraded by Fitch Ratings.The downgrade was as follows: class A-2, from AAA to AA-plus. In addition, the ratings on two other classes were affirmed. Fitch said the deal is failing its interest coverage test: its IC ratio of 98.1% falls short of the trigger of 101.5%. The transaction has also been hurt by a "misalignment in the interest rate hedge" that has left it overhedged by approximately $7.7 million, according to Fitch. In addition to RMBS and CMBS, the transaction consists of asset-backed securities and other CDOs, the rating agency said.
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According to the Federal Reserve Board's latest financial stability report, persistent inflation and policy uncertainty are the primary worries for banks. Survey respondents expressed heightened anxiety over murky policy outlooks due to geopolitical turmoil and rapidly approaching domestic elections.
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Leaders of ORNL Federal Credit Union are piloting Zest AI's new artificial intelligence-powered assistant to ensure equitable underwriting practices and measure performance against similar institutions.
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McCargo stabilized the agency at a crucial time as she helped navigate it through both a pandemic and subsequent dramatic interest-rate cycle change.
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The quasi-public entity's plan to buy certain closed-end seconds would constitute "unnecessary government encroachment," the Structured Finance Association said.
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The mortgage subsidiary of Hilltop Holdings posted another quarterly loss and volume slipped, but management also sees signs of optimism.
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The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
April 18