Two classes of notes issued by Varick Structured Asset Fund Ltd., a collateralized debt obligation supported partly by residential and commercial mortgage-backed securities, have been downgraded by Fitch Ratings.Classes A-1 and A-2 were downgraded from B/DR2 to B-minus/DR2. The transaction, a CDO managed by Clinton Group Inc., is supported by a diversified portfolio of asset-backed securities, RMBS, and CMBS. Fitch attributed the downgrades to continued deterioration of the credit quality of the collateral and the adverse effects of its interest rate hedge. "Since the last rating action on Aug. 29, 2005, the portfolio has experienced significant writedown activity, totaling over $8 million, as well as several downgrades, resulting in a steadily worsening weighted average rating factor," the rating agency said. Fitch can be found online at http://www.fitchratings.com.
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The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
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In a Senate hearing, Director Sandra Thompson said a raise to the required income threshold provided to affordable housing was on the table, while housing regulators also faced questions related to property insurance hikes and title insurance waivers.
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The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
April 18 -
The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
April 18 -
But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
April 18 -
The top five producers had an average dollar volume of FHA loans of more than $50 million in 2023.
April 18