Eight tranches from two deals issued by Wachovia Mortgage Loan Trust in 2006 have been downgraded by Moody's Investors Service.The downgrades were as follows: series 2006-ALT1, class M-3, from A1 to A2, class M-4, from A2 to Baa1, class B-1, from Baa1 to Ba1, and class B-2, from Baa3 to Ba3; and series 2006-AMN1, class M-6, from A3 to Baa1, class B-1, from Baa1 to Baa2, class B-2, from Baa2 to Baa3, and class B-3, from Baa3 to Ba1. The downgrades were attributed to higher-than-expected rates of delinquency, foreclosure, and real estate owned in the underlying collateral relative to credit enhancement levels. The collateral consists primarily of first-lien, fixed- and adjustable-rate, alternative-A mortgage loans.
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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.
5h ago -
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.
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The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
11h ago -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
11h ago -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
11h ago