The long-term issuer default ratings of R&G Financial Corp., San Juan, Puerto Rico, and R&G Mortgage have been lowered from BB to BB-minus by Fitch Ratings.Fitch also downgraded R&G Financial's preferred stock from B to B-minus, lowered various ratings of other R&G subsidiaries such as R-G Premier Bank and R-G Crown Bank, and maintained its negative rating outlook on the companies. The rating agency said the actions stemmed from the longer-than-expected delay in releasing audited financial statements, regulatory and legal issues, R&G's deteriorating operational results in 2006, and the mix and level of its capitalization. "R&G is lagging its Puerto Rican peers in the resolution of its accounting issues," Fitch said. Fitch can be found online at http://www.fitchratings.com, and R&G Financial can be found at http://www.rgonline.com.
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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