Two classes of WMC Mortgage Loan pass-through certificates, series 1997-1, have been downgraded by Fitch Ratings.Class M-2 was downgraded from A-plus to A-minus, and class B was downgraded from BB to CCC. The rating agency also affirmed the ratings on 15 classes in five WMC residential mortgage-backed securitizations. The downgrades resulted from the poor performance of the underlying collateral, whose high level of losses has led to the depletion of overcollateralization, Fitch said. The rating agency can be found online at http://www.fitchratings.com.
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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.
April 19 -
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.
April 19 -
McCargo stabilized the agency at a crucial time as she helped navigate it through both a pandemic and subsequent dramatic interest-rate cycle change.
April 19 -
The quasi-public entity's plan to buy certain closed-end seconds would constitute "unnecessary government encroachment," the Structured Finance Association said.
April 19 -
The mortgage subsidiary of Hilltop Holdings posted another quarterly loss and volume slipped, but management also sees signs of optimism.
April 19 -
The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
April 18