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Volume 2017 - Number 16

April 28, 2017

Moody’s, Fitch Pummel Ocwen with Downgrades Following Legal Actions by CFPB, State Regulators

Ocwen Financialís travails continued to worsen this week after rating agencies announced adverse ratings actions amid the servicerís mounting regulatory and legal problems. On April 24, Moodyís Investors Service placed Ocwenís servicer assessment on review for a possible downgrade. On April 25, Fitch Ratings revised its previous rosy affirmation of the companyís primary servicer rating and stable outlook to negative. Both firms said the ratings actions were due to the increased regulatory scrutiny on Ocwenís servicing operations, which could lead to hefty penalties that could pose a threat to the companyís financial stability. On April 20, a consortium of state mortgage regulators filed...

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This weekly covers the secondary mortgage market, including mortgage-backed securities and asset-backed securities.

 

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Poll

With mortgage production down noticeably this year from 2017, how many lenders might disappear via M&A or failure during the next 12 months?

10% or less. It’s not that bad out there.
11% to 25%. It’s a challenging market.
25% to 40%. It’s going to be very ugly.
No opinion.

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