Banc of America Large Loan Inc.'s commercial mortgage pass-through certificates, series 2001-7WTC -- secured by mortgage loans on a leasehold interest in 7 World Trade Center -- have been downgraded by Fitch Ratings.All classes in the deal remain on Rating Watch Negative. The downgrades were as follows: class A, from AAA to A; interest-only classes X-1 and X-2, from AAA to A; class B, from AA-plus to BBB-plus; class C, from AA to BBB; class D, from AA-minus to BBB-minus; class E, from A-plus to BB-plus; class F, from A to BB; class G, from BBB-plus to B-plus; and class H, from BBB to B. The certificates are secured by ownership in a trust that owns a $383 million loan backed by certificates secured by four mortgage loans to the underlying borrower on a leasehold interest in 7WTC. Fitch said the rating actions reflect the fact that "the credit characteristics of the underlying loan are now similar to that of a construction loan, a position for which the original ratings are inconsistent." It cited several contributing factors, including: the decline in net effective market rents; the smaller size of the building planned for construction; and the use of insurance proceeds to fund construction because other sources are not yet available.
-
According to the Federal Reserve Board's latest financial stability report, persistent inflation and policy uncertainty are the primary worries for banks. Survey respondents expressed heightened anxiety over murky policy outlooks due to geopolitical turmoil and rapidly approaching domestic elections.
7h ago -
Leaders of ORNL Federal Credit Union are piloting Zest AI's new artificial intelligence-powered assistant to ensure equitable underwriting practices and measure performance against similar institutions.
8h ago -
McCargo stabilized the agency at a crucial time as she helped navigate it through both a pandemic and subsequent dramatic interest-rate cycle change.
9h ago -
The quasi-public entity's plan to buy certain closed-end seconds would constitute "unnecessary government encroachment," the Structured Finance Association said.
11h ago -
The mortgage subsidiary of Hilltop Holdings posted another quarterly loss and volume slipped, but management also sees signs of optimism.
11h ago -
The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
April 18