Two classes of Salomon Brothers Mortgage Securities VII Inc. mortgage pass-through certificates, series 2002-WMC2, have been downgraded by Fitch Ratings.Class M-2 was downgraded from BBB-minus to B, and class M-3 was downgraded from BB to B. Fitch also affirmed the rating on one class in the deal. The downgrades reflect deterioration in the relationship between credit enhancement and expected losses, Fitch said. The collateral of the transaction consists of fixed- and adjustable-rate first- and second-lien mortgage loans extended to subprime borrowers.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
4h ago -
The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
8h ago -
Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
11h ago -
A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
April 24 -
The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
April 24 -
The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
April 24