Ten classes from four issues of Structured Asset Securities Corp. mortgage pass-through certificates have been downgraded by Fitch Ratings, and five classes have been placed on Rating Watch Negative.In addition, two classes were upgraded, and the ratings on 31 other classes in five SASCO transactions were affirmed. Fitch attributed the downgrades to a deterioration in the relationship between credit enhancement and loss expectations. The collateral in the pools consists of fixed- and adjustable-rate conventional mortgages, substantially all of which have original terms of 30 years. The rating agency can be found on the Web at http://www.fitchratings.com.
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The new Financial Stability Oversight Council report also recommends an expanded Ginnie Mae PTAP facility and an industry-funded liquidity resource.
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The publicly traded title holding companies all had stronger earnings as the mortgage market improved from one year prior.
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One in every 37 residential properties nationwide had a loan-to-value ratio of 125% or greater to begin the year, according to a new report.
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There's temporary leeway on formal compliance with replacement-cost value requirements in order to sort out insurer concerns with a recent re-emphasis on them.
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Max Levchin, CEO of the buy now/pay later lender, said recent tests show young adults prefer interacting with intelligent chatbots over phone-based agents, but the company doesn't foresee major cost savings from generative AI for a few more years.
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May 10