Class M-II-3 of Residential Asset Mortgage Products Inc. Trust's series 2003-RS7 asset-backed securitization deal has been downgraded from Baa2 to B3 by Moody's Investors Service.The downgrade was based on credit enhancement levels that are deemed to be low in view of projected losses on the underlying pools, Moody's said. The transaction consists of a fixed-rate and an adjustable-rate pool containing mortgages that are not eligible for inclusion in Residential Funding Co. loan program securitization because they do not satisfy the program guidelines. The mortgage loans were originated by affiliates of RFC and serviced by HomeComings Financial Network Inc., a wholly owned subsidiary of RFC. Moody's can be found online at http://www.moodys.com.
-
The agreement, in which the real estate giant admits no wrongdoing, will cover around 70,000 agents.
1h ago -
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