Three tranches of Solstice ABS CDO Ltd. have been downgraded by Fitch Ratings.The downgrades in the collateralized debt obligation were as follows: class B notes, from AA-minus to BB-plus; class C notes, from BBB to CC; and preference shares, from B to C. Fitch said the downgrades stemmed from "continued collateral deterioration leading to a decline in the coverage ratios." The percentage of collateral rated CCC-plus and below has increased from 9% to 24% since Aug. 31, 2004, Fitch said. Solstice consists of 40.6% residential mortgage-backed securities, 36.0% CDOs, 12.3% asset-backed securities, 5.5% corporate debt securities, 3.8% commercial MBS, and 1.8% real estate investment trusts. Fitch can be found online at http://www.fitchratings.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.
April 25 -
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