Class B-3 of SACO I Trust 2004-3 has been downgraded from B3 to Caa2 by Moody's Investors Service, and nine other certificates from various SACO I deals have been placed on review for possible downgrade.The nine certificates are as follows: series 2004-2, class B-2; series 2005-1, class B-3; series 2005-2, classes B-3 and B-4; series 2005-4, classes B-2, B-3, and B-4; and series 2005-WM1, classes B-4 and B-5. In addition, four certificates issued by SACO I Trust 2004-1 and 2004-2 were placed on review for possible upgrade. The negative rating actions were attributed to losses that have exceeded the excess spread available, thereby depleting the overcollateralization. The transactions are backed by closed-end second 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.
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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.
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McCargo stabilized the agency at a crucial time as she helped navigate it through both a pandemic and subsequent dramatic interest-rate cycle change.
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The quasi-public entity's plan to buy certain closed-end seconds would constitute "unnecessary government encroachment," the Structured Finance Association said.
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The mortgage subsidiary of Hilltop Holdings posted another quarterly loss and volume slipped, but management also sees signs of optimism.
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The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
April 18