Seventy-six tranches from 19 U.S. cash-flow and hybrid collateralized debt obligations have been placed on CreditWatch with negative implications by Standard & Poor's Ratings Services.The issuance amount of the affected tranches totals approximately $2.16 billion, S&P reported. Ten of the affected deals are collateralized by trust-preferred securities issued by real estate investment trusts, and the other nine are backed by mezzanine structured finance securities, including residential mortgage-backed securities collateralized by first-lien subprime mortgages. Including the latest CreditWatch placements, 193 tranches (representing issuance amounts totaling approximately $6.60 billion) from 57 cash-flow and hybrid CDOs are on CreditWatch with negative implications due to exposure to RMBS that have experienced "negative credit migration," the rating agency said.
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Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
45m ago -
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.
3h ago -
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.
3h ago -
While home lenders are seeing a decrease in issues coming through mobile channels, phone fraud spiked last year, accounting for 28% of losses, a new report found.
5h ago -
The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
April 24 -
The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
April 24