Six tranches from several deals issued by Structured Adjustable Rate Mortgage Loan Trust in 2004 and 2005 have been downgraded by Moody's Investors Service.The downgrades were as follows: series 2004-11, class B3, from Baa2 to Ba3, and class B4, from Ba2 to Ca; series 2005-6XS, class M2, from A2 to Baa3, and class M3, from Baa2 to Caa3; and series 2005-8XS, class M3, from Baa1 to Ba3, and class M4, from Baa2 to Caa1. Moody's also upgraded four tranches and confirmed the ratings on six tranches from the SARM transactions. The downgrades were based on the low credit enhancement levels of the tranches relative to projected losses on the underlying pools, the rating agency said. Class B5 of series 2004-11 is realizing losses, and class B4 is likely to experience writedowns as the deal realizes further losses, Moody's said. Overcollateralization amounts in both 2005 transactions are below their targets, and pipeline losses could put pressure on the subordinate tranches. The transactions consist primarily of first-lien alternative-A mortgage loans originated mostly by Aurora Loan Services Inc.
-
Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
11h ago -
Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
11h ago -
Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
11h ago -
Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
April 25 -
Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
April 25 -
Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
April 25