Moody's Investors Service has downgraded two certificates from a subprime mortgage transaction issued by Structured Asset Securities Corp., series 2005-AR1.Class B1 has been downgraded from Baa3 to Ba1 and class B2 has been downgraded from Ba1 to B1. "The two most subordinate certificates from the transaction have been downgraded because existing credit enhancement levels are low given the current projected losses on the underlying pools. The pools of mortgages have built up a large delinquency pipeline and future loss could cause a significant erosion of the overcollateralization," Moody's said. The transaction consists of first-lien adjustable- and fixed-rate loans originated primarily by wholesaler Argent Mortgage Co. LLC, according to the rating agency. In addition, Argent's retail affiliate Ameriquest Mortgage Co. originated loans comprising 4% of the pool.
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A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
July 11 -
Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
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While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
July 11 -
The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
July 11 -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
July 11 -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
July 11