Four classes of Washington Mutual alternative-A residential mortgage pass-through certificates, WMALT series 2006-3, have been downgraded by Fitch Ratings.The downgrades were as follows: class B-2, from A to BBB and placed on Rating Watch Negative; class B-3, from BBB to BB and placed on Rating Watch Negative; class B-4, from BB to C/DR4; and class B-5, from B to C/DR5 and removed from Rating Watch Negative. The negative rating actions were based on deterioration in the relationship between credit enhancement and expected losses, Fitch said. The collateral for the deals consists primarily of 15- and 30-year, fixed-rate, first-lien mortgages extended to alternative-A borrowers.
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According to the Federal Reserve Board's latest financial stability report, persistent inflation and policy uncertainty are the primary worries for banks. Survey respondents expressed heightened anxiety over murky policy outlooks due to geopolitical turmoil and rapidly approaching domestic elections.
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Leaders of ORNL Federal Credit Union are piloting Zest AI's new artificial intelligence-powered assistant to ensure equitable underwriting practices and measure performance against similar institutions.
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McCargo stabilized the agency at a crucial time as she helped navigate it through both a pandemic and subsequent dramatic interest-rate cycle change.
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The quasi-public entity's plan to buy certain closed-end seconds would constitute "unnecessary government encroachment," the Structured Finance Association said.
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The mortgage subsidiary of Hilltop Holdings posted another quarterly loss and volume slipped, but management also sees signs of optimism.
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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.
April 18