Fitch Warns on Option ARMs; High Defaults Await

 · The Agencies have published in the December 29, 2005, Federal Register a highly prescriptive new Guidance on non-traditional mortgages that defer payment of interest or interest and principal (such as interest only mortgages and option ARMs) that appears to raise significantly the requirements on banks to offer or deal in these products.

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Countrywide Warns Against a Junk-Bond Rating. By Dealbook. Moody’s Investors Service and Fitch Ratings – placed the company on some form of negative outlook, according to the filing.. All this lead to an increase in defaults. On top of that the option ARMs CountryWide and other sleazy.

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Finally, Hugh McGuirk, head of the municipal team at T. Rowe Price, warns that bonds with interest rates that aren’t multiples of 0.05 are likely to be tender-option bonds. Stick to funds from major firms with a sterling reputation, like T. Rowe Price Tax-Free Income or.

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A 2015 Fitch analysis of defaults by seven tribes involving corporate and municipal bonds found a par weighted recovery rate of 54 percent. Given the small sample size, the variance in recoveries is.

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HousingWire is reporting Fitch Warns on Option ARMs; "High Defaults Await". Fitch Ratings on Tuesday released a wide-ranging look at option ARMs that paints a decidedly negative picture for the mortgage markets over the next 36 months.