Two classes from Structured Adjustable Rate Mortgage Loan Trust mortgage pass-through certificates series 2004-13 have been downgraded by Fitch Ratings. Class B-4 was downgraded from BB to CC/DR3, and class B-5 was downgraded from B to CC/DR4. Fitch also affirmed the ratings on five classes from two SARM securitizations. The downgrades were attributed to deterioration in the relationship between credit enhancement and expected losses.
Flatworld Mortgage Solutions says its former vice president breached his employment agreements by soliciting its customers as he formed a rival offshoring firm.
The HomeSafe Second product is now available in more than one third of all states, according to the reverse mortgage specialist.
The Department of Housing and Urban Development agreed to do more to manage due-and-payable obligations contingent on the availability of certain resources.
The ex-housing official is returning to a previous employer with the aim of helping guide the firm through an evolving landscape in federal policy.
A $160 million deal to merge Hometown Financial Group subsidiaries and Primary Bank will lead to consolidation under a single brand name of TruNorth.
The Aspire business reported $2.1 billion of lock volume, up 32% from the first quarter, but total production at the REIT fell to $8 billion from $8.5 billion.
