Standard & Poor's Ratings Services has placed 68 classes from 19 collateralized debt obligations with exposure to recently downgraded subprime residential mortgage-backed securities on CreditWatch with negative implications.The actions followed S&P's July 12 downgrades of numerous classes from first-lien subprime RMBS transactions. S&P said it has reviewed the results of preliminary cash flow analyses for the CDOs and compared them with scenario default rates generated by its CDO Evaluator model to determine whether the credit enhancement is still adequate. The CreditWatch placements "reflect the increased probability of default within the overall portfolios and take into consideration the CDO structures and the rating cushions available to support each tranche," S&P said. The rating agency can be found online at http://www.standardandpoors.com.
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The five states with the lowest property taxes have an average effective real-estate tax rate of 0.44%.
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Ohio-based Liberty Home Mortgage joins several companies who started using a more modernized FICO credit score for nonconforming mortgage originations recently.
April 17 -
The CFPB has dissolved the Office of Supervision, Enforcement and Fair Lending and eliminated the job of associate director in a move that impacts how it designates nonbanks for supervision.
April 17 -
The plan that the Federal Housing Finance Agency floated calls for Freddie Mac to actively invest in some new closed-end seconds as cash-out refinancing subsides.
April 17 -
The push comes amid what one expert highlighted as lax funding efforts for two Department of Housing and Urban Development grant programs.
April 17 -
Conventional lending drove volumes higher, particularly in the purchase market, the Mortgage Bankers Association said.
April 17