Ten subordinate certificates from five transactions issued by Saxon Asset Securities Trust in 2000 and 2001 have been downgraded by Moody's Investors Service.The downgrades were as follows: class MF-2, from A2 to Baa1; class BF-1, from Ba3 to B3; class MF-2, from Baa2 to Ba2; class BF-1, from B1 to Ca; class MF-2, from Baa2 to Ba2; class BF-1, from B2 to Ca; class M-2, from A2 to Baa1; class B-1, from Baa2 to Ba2; class M-2, from A2 to Baa1; and class B, from Baa2 to Ba1. In addition, Moody's upgraded three subordinate certificates from three transactions and confirmed the rating of one. The certificates are secured by fixed- and adjustable-rate home equity loans. The rating agency said the reason for the downgrades is that the underlying collateral was performing worse than Moody's original expectations. Moody's 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.
April 25 -
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.
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Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
April 25 -
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