Five classes from several issues of Residential Asset Securities Corp. mortgage pass-through certificates have been downgraded by Fitch Ratings.The downgrades were as follows: series 2003-KS3 total group 1 & 2, class M-1, from AA-plus to A-plus (and remains on Rating Watch Negative), and class M-2, from A to BBB-minus (and placed on Rating Watch Negative); series 2004-KS3 total 2-3, class M-II-3, from BBB to BB (and placed on Rating Watch Negative); series 2004-KS8 group 2, class M-II-3, from BBB to BB; and series 2004-KS11, class B, from BB-plus to B. Fitch also placed class M-II-2 of series 2004-KS3 total 2-3, class M-II-2 of series 2004-KS8 group 2, and class M-6 of series 2004-KS11 on Rating Watch Negative and affirmed the ratings on 17 other classes in RASC deals. The negative rating actions were attributed to deterioration in the relationship between credit enhancement and loss expectations. The collateral in the deals consists of first- and second-lien subprime mortgage loans.
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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.
21m ago -
The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
5h ago -
The top five producers had an average dollar volume of VA and USDA loans of more than $35 million in 2023.
7h ago -
The JPMorgan Chase CEO took aim Tuesday at the proposed Basel III endgame rules, hindrances to mergers and bureaucratic burdens. "I would love to have a more productive relationship with regulators, but I think it takes conversation," Dimon said.
9h ago -
While income decreased from the fourth quarter, it accelerated on an annual basis across NVR's building and lending units.
April 23 -
Many legal experts think the Supreme Court will rule in favor of the Consumer Financial Protection Bureau in a case challenging its funding. Such a ruling would unleash a flurry of litigation that has been on hold pending the outcome of the constitutional challenge.
April 23