Eleven classes of Securitized Asset Backed Receivables mortgage pass-through certificates have been downgraded by Fitch Ratings. The downgrades came in SABR series 2004-DO1 and series 2004-NC3. Fitch also placed two of the downgraded classes on Rating Watch Negative and affirmed the ratings on three classes in the deals. The downgrades were attributed to the release of overcollateralization and principal payments to the subordinate classes, which have put pressure on the capital structure for both series. The collateral consists primarily of first-lien subprime mortgage loans.
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According to the Federal Reserve Board's latest financial stability report, persistent inflation and policy uncertainty are the primary worries for banks. Survey respondents expressed heightened anxiety over murky policy outlooks due to geopolitical turmoil and rapidly approaching domestic elections.
3h ago -
Leaders of ORNL Federal Credit Union are piloting Zest AI's new artificial intelligence-powered assistant to ensure equitable underwriting practices and measure performance against similar institutions.
5h ago -
McCargo stabilized the agency at a crucial time as she helped navigate it through both a pandemic and subsequent dramatic interest-rate cycle change.
5h ago -
The quasi-public entity's plan to buy certain closed-end seconds would constitute "unnecessary government encroachment," the Structured Finance Association said.
7h ago -
The mortgage subsidiary of Hilltop Holdings posted another quarterly loss and volume slipped, but management also sees signs of optimism.
8h ago -
The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
April 18