Pacific CDO Classes Downgraded

Published September 01, 2004, 2:00 p.m. EDT

1 Min Read

Three classes of notes issued by Pacific Coast CDO Ltd. have been downgraded by Fitch Ratings and removed from Rating Watch Negative.The downgrades were as follows: class B, from A-minus to BBB-minus; class C-1, from BB-plus to B-minus; and class C-2, from BB-plus to B-minus. In addition, the ratings on two other classes of securities were affirmed. Pacific Coast is a collateralized debt obligation that consists of 55.2% residential mortgage-backed securities, 19.1% asset-backed securities, 13% commercial MBS, 6.9% corporate bonds, and 5.8% CDOs. Since May 25, Fitch has downgraded $16.5 million of collateral that the rating agency said it expects to incur "significant impairment of principal and interest." Fitch can be found online at http://www.fitchratings.com.

Processing Content

For reprint and licensing requests for this article, click here.

MORE FROM NATIONAL MORTGAGE NEWS

Homeowners insurance

How New American Funding's insurance arm saves DTI-tight loans

NAF Insurance customers save $719 on average, Phil Miller, senior vice president of strategic partnerships at New American said.

By Colin McNamara
Reporter

5h ago
Politics and policy

What banks can expect if Democrats sweep Congress

Polling suggests that Democrats could retake control of the House and have a formidable shot at the Senate as well. If they win both chambers, oversight of bank regulation, crypto and Trump administration officials will be the name of the game.

By Claire Williams
Reporter

5h ago
Law and legal issues

Citizens sues SoFi as fights over talent, pipelines persist

The bank is accusing its fintech rival of racketeering for raiding its offices across nine states and stealing an untold amount of confidential information.

By Andrew Martinez
Reporter

September 12
Secondary markets

Pulte moves give whole loan sellers reason to act on VS4

Lenders may not be able to fully respond to the broader government-sponsored enterprises' rollout of VantageScore 4.0 yet but there is one thing they can do now.

By Bonnie Sinnock
Capital Markets Editor

September 11
Mortgage rates

Rising rates force concessions: reach sideline buyers

Sellers are easing demands as rates hit 15-month highs, giving buyers leverage. Originators: target sideline buyers before next week's Fed hike lifts rates further.

By Brad Finkelstein
Originations Editor

September 11
Originations

Lenders see robust jumbo market despite tightening credit

The decrease in jumbo availability accounted for much of the drop in the latest mortgage credit index, as conforming and government offerings were unchanged.

By Spencer Lee
Technology Reporter

September 11

Load More