Class BF-4 of Salomon Brothers Mortgage Securities VII mortgage pass-through certificates, series 2001-UP2 group 1, has been downgraded from B to CCC by Fitch Ratings.Fitch also affirmed the ratings on 10 classes in the transaction. The downgrade was attributed to poor collateral performance and a deterioration of asset quality beyond original expectations. The series consists of 30-year fixed-rate and 15-year adjustable-rate mortgage loans. The rating agency can be found on the Web at http://www.fitchratings.com.
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While income decreased from the fourth quarter, it accelerated on an annual basis across NVR's building and lending units.
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Many legal experts think the Supreme Court will rule in favor of the Consumer Financial Protection Bureau in a case challenging its funding. Such a ruling would unleash a flurry of litigation that has been on hold pending the outcome of the constitutional challenge.
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Prevention through new building standards and mapping technology aim to keep home insurance rates down but mortgage bankers see challenges.
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The mortgage lender and servicer announced that Ranjit Bhattacharjee, a capital markets veteran, and Kevin Barker, a financial analyst with two decades of experience, have joined its ranks.
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Because of rising home values, more transactions have proceeds over the federal tax exemption, especially in California, a CoreLogic study found.
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Texas Capital Bank wants to bring the Administrative Procedures Act into the case, but Ginnie Mae said the legal proceedings are outside its scope.
April 23