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  • DOJ planning to sue Moody's over crisis-era mortgage bond ratings

    In the fallout from the financial crisis, many argued that the credit ratings agencies’ competition for business led to ratings shopping among bond issuers and relaxed ratings standards for the ratings agencies themselves. Last year, Standard & Poor's reached a $1.375 billion settlement over just such claims. And now the Department of Justice is taking aim at Moody's Investors Service. Click the headline to read more.

Weekly Applications Fall 2.8%, Say Mortgage Bankers

The number of mortgage applications filed last week declined compared to the week before in two national surveys. The Mortgage Bankers Association’s (MBA) weekly mortgage applications survey, which is a measure of total gross applications in the US, declined 2.8% on a seasonally adjusted basis for the week ending Sept. 25. The refinance index also decreased 0.8% and the purchase index decreased 6.2%. Refinance applications took a 65.3% share of total applications, up from 63.8 in the previous week, the MBA reported. The Mortgage Maxx weekly survey, which adjusts total application to account for multiple submissions by the same borrower, declined 7.3% in the week ending Sept. 25. The decline comes as refinancings and existing home sales retreat, despite favorable mortgage rates, publisher Paul Descloux said in weekly commentary. Write to Austin Kilgore.

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