Three classes of Salomon Home Equity Loan Trust asset-backed pass-through certificates, series 2001-1, group 1, have been downgraded by Fitch Ratings.The downgrades were as follows: class MF-1, from AA to A; class MF-2, from BBB-minus to BB-minus; and class MF-3, from CC to C. In addition, the ratings on six classes in the deal were affirmed. Fitch attributed the downgrades to a decline in credit enhancement relative to applicable credit support requirements. The rating agency can be found online at http://www.fitchratings.com.
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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.
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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.
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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.
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The push comes amid what one expert highlighted as lax funding efforts for two Department of Housing and Urban Development grant programs.
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Conventional lending drove volumes higher, particularly in the purchase market, the Mortgage Bankers Association said.
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Net charge-offs at the Charlotte, North Carolina-based bank increased by more than 80% in the first quarter compared with a year earlier. BofA executives say that the rising losses were in line with the bank's risk appetite.
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