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2008-04-21
Weak 1st Quarter at BoA
Total mortgage and home-equity loan production was $39 billion during the first quarter, Bank of America Corp. reported. Fundings dropped from the previous period and from a year earlier. First-quarter net income was more than $1 billion, a significant improvement the fourth quarter but a big drop from a year earlier.
2008-04-21
Q1 2008 Mortgage Litigation Report
From January through March, nine foreclosure cases were tracked, compared to just 11 during all of last year, according to First Quarter Mortgage Litigation Report from MortgageDaily.com. The report was prepared with the assistance of Washington, D.C.-based Weiner Brodsky Sidman Kider PC. The report was based on 42 lawsuits and other legal actions covered by MortgageDaily.com that saw some activity during the first quarter 2008.
2008-04-21
Moody's Assaults Nonprime Ratings
Moody's Investors Service blamed higher-than-anticipated rates of delinquency, foreclosure, and REO in the underlying subprime collateral relative to credit enhancement levels for its downgrade of 572 tranches from 59 RMBS transactions issued by CWABS Asset-Backed Certificates Trust from 2005 to 2007. Alt-A deals that saw downgrades from Moody's due to higher-than-anticipated rates of delinquency, foreclosure, and REO in the underlying collateral relative to credit enhancement levels included 241 tranches from 24 Morgan Stanley transactions issued from 2005 to 2007. Worsening second lien performance prompted Moody's to downgrade ten certificates from two MASTR Second Lien Trust deals from 2005 and 2006.
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