Class M-2 of Origen Financial Inc. manufactured housing contracts, series 2001-A, has been downgraded from CCC to C by Fitch Ratings.Fitch also affirmed the ratings on five other classes in the transaction. The downgrade was attributed to higher-than-expected losses and declining credit enhancement for the subordinate tranches. Overcollateralization was depleted in January 2004, and class B-1 has been absorbing collateral losses and is nearly fully written down, the rating agency said. "Once class B-1 is fully depleted, losses will be applied to class M-2," whose credit enhancement has dropped from 7.75% at closing to only 0.61%, Fitch said.
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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 -
Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
April 25 -
Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
April 25 -
Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
April 25 -
Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
April 25