Class M-2 of Soundview Home Equity Loan Trust, series 2001-1, has been downgraded from B to CC by Fitch Ratings.Fitch also affirmed the ratings on two classes in the transaction. The downgrade was attributed to deterioration in the relationship between credit enhancement and loss expectations. "Overcollateralization has been entirely depleted, and the B class bond contains less than $300,000, while monthly realized losses have averaged approximately $90,000," the rating agency said. The mortgage pool consists of 15-, 20-, and 30-year fixed- and adjustable-rate mortgage loans, all of which were originated or acquired by Delta Funding Corp. Fitch can be found online at http://www.fitchratings.com.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
10h ago -
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