Two certificates from Structured Asset Securities Corp.'s series 2002-BC1 securitization have been downgraded by Moody's Investors Service.Class M3 was downgraded from Ba1 to B2, and class B was downgraded from B1 to Ca. Moody's attributed the downgrades to credit enhancement levels that are deemed to be low given the projected losses on the underlying pools. The transaction is backed primarily by first-lien subprime mortgage loans. The rating agency can be found online at http://www.moodys.com.
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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.
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Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
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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.
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