Five classes of notes issued by Pacific Coast CDO Ltd. have been downgraded by Fitch Ratings.The downgrades were as follows: class A, from AAA to AA; class B, from BBB-minus to B; class C-1, from B-minus to C; class C-2, from B-minus to C; and preference shares, from CC to C. Pacific Coast is a collateralized debt obligation that consists of 50.7% residential mortgage-backed securities, 17.3% asset-backed securities, 16.1% commercial MBS, 9.2% corporate bonds, and 6.8% CDOs. Since Fitch's last rating action on Aug. 31, the portfolio "has continued to deteriorate," Fitch said, pointing to large exposures in the manufactured housing and aircraft sectors that have led to the downgrading of approximately 28.2% of the portfolio. Fitch can be found online at http://www.fitchratings.com.
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The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
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Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
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The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
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The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
April 24