Two classes of mortgage pass-through certificates from Structured Asset Securities Corp. series 1998-8 have been downgraded by Fitch Ratings.Class M-1 was downgraded from AA to A-minus, and class M-2 was downgraded from A to BBB-minus. Fitch also affirmed the triple-A rating of class A. The downgrades were attributed to deterioration in the relationship between credit enhancement and expected losses. Fitch explained that the securities are made up of four component classes that support four groups, and each component is backed by a separate mortgage pool. "Although each mortgage group performs differently, since the component bonds are not severable, each component bond reflects the performance of the weakest of all the components," the rating agency said.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
April 24 -
The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
April 24 -
Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
April 24 -
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