Class B-3 of Asset Securitization Corp.'s commercial mortgage pass-through certificates, series 1996-D3, has been downgraded from C to D by Fitch Ratings.The ratings on eight other classes in the same series were affirmed. Fitch attributed the downgrade to the liquidation of a hotel in Lubbock, Texas, that resulted in a loss of approximately $2.4 million to the trust.
Private residential construction spending rose 0.3% from April and 1.8% from a year ago to a seasonally adjusted annual rate of $930.2 billion in May.
Artificial intelligence is fueling litigation risks, from consumer lawsuits against servicers, to more repurchase requests, and vulnerabilities through vendors.
A tour of the technology that banking has run on, dating back to Franklin's anti-counterfeit measures and the bank-note bulletin that preceded American Banker.
Issuances of new HECM-backed securities dropped off in June on both a monthly and yearly basis, according to a new report from New View Advisors.
The vote to approve the $12 per share deal, which rejected a hostile bid from UWM Holdings, came following several postponements of a special meeting.
A mortgage customer claims his data was compromised in a hack last year at a tax and accounting firm reportedly used by the wholesale giant.