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 massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
2h ago -
The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
7h ago -
Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
9h ago -
A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
11h ago -
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.
11h 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.
April 24