Standard & Poor's Ratings Services has placed 1,887 classes of alternative-A, first-lien residential mortgage-backed securities on CreditWatch with negative implications. The classes are from 404 RMBS transactions issued in 2006 and the first half of 2007, and they have a current balance of $12.9 billion, S&P reported. The actions "reflect a persistent rise in the level of delinquencies among the alt-A mortgage loans supporting these transactions," S&P said. The rating agency said it is also reviewing the affected transactions in the light of its revised assumptions for the surveillance of U.S. RMBS. The affected alt-A transactions are collateralized by negative-amortization (payment-option adjustable-rate mortgage), short-reset hybrid ARM (2/28 and 3/27), and fixed-rate and longer-dated hybrid ARM loans. S&P can be found online at http://www.standardandpoors.com.
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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 -
Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
April 25