Ten classes of Residential Asset Securities Corp. subprime transactions have been downgraded by Fitch Ratings, and 10 other classes have been placed on Rating Watch Negative.In addition, Fitch affirmed the ratings on over 175 classes in 47 RASC issues. The negative rating actions were attributed to a deteriorating relationship between expected losses and credit enhancement. The underlying collateral in all the transactions consists of fully amortizing 15- to 30-year fixed- and adjustable-rate mortgages secured by first liens extended to subprime borrowers.
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The new Financial Stability Oversight Council report also recommends an expanded Ginnie Mae PTAP facility and an industry-funded liquidity resource.
3h ago -
The publicly traded title holding companies all had stronger earnings as the mortgage market improved from one year prior.
4h ago -
One in every 37 residential properties nationwide had a loan-to-value ratio of 125% or greater to begin the year, according to a new report.
4h ago -
There's temporary leeway on formal compliance with replacement-cost value requirements in order to sort out insurer concerns with a recent re-emphasis on them.
5h ago -
Max Levchin, CEO of the buy now/pay later lender, said recent tests show young adults prefer interacting with intelligent chatbots over phone-based agents, but the company doesn't foresee major cost savings from generative AI for a few more years.
7h ago -
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May 10