Day: June 11, 2011

Fitch Downgrades 9 Mortgage Providers….No Surprise Here

As a Realtor in Newton, MA, there is no surprise here…with BOA the worst offender, in my opinion!
Friday, June 10th, 2011, 3:54 pm

Fitch Ratings downgraded ratings on nine mortgage servicers because of tougher regulations and the lack of urgency these companies displayed in response to the foreclosure crisis.

The credit rating agency took action on two Bank of America (BAC: 10.80 +1.41%) servicing divisions of, twoWells Fargo (WFC: 26.275 +0.21%) servicing divisions,JPMorgan Chase (JPM: 41.05 +0.17%), Citigroup (C: 37.92 +0.40%), MetLife Bank (MET: 40.91 -1.80%),PNC Bank (PNC: 59.07 -0.12%) and SunTrust Mortgage (STI: 25.18 -1.37%).