Five certificates from two deals issued by SACO I Trust in 2006 have been downgraded by Moody's Investors Service, and one of the downgraded classes and three other classes have been placed on review for possible downgrade.The downgrades were as follows: series 2006-1, class M-3, from Baa2 to B3 (and placed on review for possible further downgrade), and class M-4, from Baa3 to C; and series 2006-12, class I-M-2, from A2 to B3, class I-M-3, from Baa2 to Ca, and class I-M-4, from Ba1 to C. Classes M-1 and M-2 of series 2006-1 and class I-M-1 of series 2006-12 were placed on review for possible downgrade. The rating actions were taken because the transactions, backed by home equity line-of-credit loans, have seen recent losses that have surpassed the excess spread available, thereby depleting the overcollateralization, Moody's said. The rating agency can be found online at http://www.moodys.com.
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A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
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Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
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While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
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The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
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Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
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The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
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