Seventy-three classes of subprime mortgage pass-through certificates from five issuers have been downgraded by Fitch Ratings. The affected securities were as follows: 37 classes from 18 Morgan Stanley deals; 18 classes from seven IndyMac deals; 14 classes from seven Chase deals; three classes from one Industry Mortgage Co. deal; and one class from a Metropolitan Mortgage deal. Fitch also affirmed the ratings on more than 90 classes from over 40 subprime transactions. The rating agency can be found on the Web at http://www.fitchratings.com.
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The homebuilding giant reported two separate cyber incidents this year, with the most recent breach of its mortgage unit affecting more than 348,000 individuals.
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The move threatens IMBs and outside loan originators who rely on real estate agents for referrals, as the company aims to keep borrowers within its platform.
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Fed Chair Kevin Warsh's much anticipated speech at the Jackson Hole meeting reinforced past comments about reducing communications around forward guidance.
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The ex-CEO got a regulatory OK to officially rally shareholders for his plan, although he's still awaiting a federal judge's decision on a restraining order.
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The deal is backed by recently originated, 30-year fixed-rate mortgages with an average combined loan-to-value ratio of 75.1%, according to Morningstar DBRS.
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Academy Mortgage's deal will cover around 285,000 class members. It's the sixth deal this year by a mortgage firm seeking to squash consumer complaints.
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