Standard & Poor's Ratings Services has downgraded 498 of the 612 classes of residential mortgage-backed securities that it placed on CreditWatch with negative implications July 10, and it has corrected the value and status of the securities.S&P said the 612 classes, rated from the fourth quarter of 2005 through the fourth quarter of 2006, represent $7.35 billion of securities, not $12.018 billion as originally reported. The downgraded classes, representing approximately $5.69 billion in securities, are backed by first-lien subprime mortgage collateral. S&P also left 26 of the first-lien subprime classes on CreditWatch and affirmed the ratings on 74 classes and removed them from CreditWatch. Of the remaining 14 classes, the ratings on nine were affirmed and removed from CreditWatch "because they involve alternative-A mortgage collateral and were not intended to be included" in the July 10 rating actions, and five were left on CreditWatch because they are backed by closed-end second-lien mortgage collateral and will be reviewed later by S&P, the rating agency said.
-
Elevated delinquency levels have not affected expected losses, however, due to home price appreciation, Fitch Ratings said.
8h ago -
Retail lenders, including Beeline, Tomo Mortgage and Rocket Mortgage, settled with the department over infractions like submitting a false certification to not having the proper liquidity to be in the program.
8h ago -
A pair of bills, one with bipartisan support, look to address the issues around heirs' property so these families can have clear title on their homes.
8h ago -
The agreement, in which the real estate giant admits no wrongdoing, will cover around 70,000 agents.
11h 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