Last Friday, Moody's Investor Service announced the results of its review of the financial guarantors. Ambac, Assured Guaranty and FSA have been affirmed at 'Aaa' with a stable outlook; CIFG and MBIA have been affirmed at 'Aaa' with a negative outlook; XL Capital and FGIC have been put on review for downgrade; and Radian Asset Assurance has been affirmed at 'Aa3' with stable outlook. These rating announcements result from Moody's reassessment of the financial guaranty insurers' capital adequacy in the context of higher-than-expected losses from credit enhancement provided to RMBS and ABS CDOs that include exposure to troubled RMBS deals.The agency's rating actions stem from its assessment that several of the guarantors still have appropriate levels of capitalization to support the current rating and those that may not are taking active steps to strengthen their position, said Moody's Managing Director Jack Dorer. "In the cases in which we moved to a negative outlook or have initiated a review for possible downgrade, capitalization currently falls below 'Aaa' levels or could fall under that level in one of our stress cases," he added Dorer added that the agency plans to focus on both the effectiveness of these companies' capital remediation plans and their risk management strategies. As a result of these reviews, the Moody's-rated securities that are "wrapped" or guaranteed by FGIC and XL Capital Assurance are also placed under review for possible downgrade.
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Bluegreen Vacation originated the loans and Fitch expressed confidence in its record of good performance as servicer.
5h ago -
Lendbuzz sells the notes as it juggles mixed performance results from 2023. Originations and revenues saw huge jumps, but so did operating expenses.
April 23 -
Institutions and their investors are facing pressure from climate activists, cautiously awaiting interest rate cuts and adjusting to new Federal Reserve and FDIC policies.
April 23 -
After several quarters of slumping investment banking and trading fees, the Charlotte, North Carolina-based company reported a big uptick from that division, which helped compensate for a large decline in net interest income.
April 22 -
Price guidance was not available on the series 2024-1, the database notes that the series 2024-2 class A notes are expected to price between 63 and 65 basis points over the three-month interpolated yield curve.
April 22 -
But the number of properties whose mortgage is more than 90 days late is at its lowest since 2006, ICE Mortgage Technology said.
April 22