Moody's Investors Service downgraded the ratings of four classes and upgraded the ratings of three classes of Bear Stearns Commercial Mortgage Securities Inc., Commercial Mortgage Pass-Through Certificates, Series 1999-C1.Moody's attributed the downgrades of Classes G, H, I and J, to realized and expected losses from the specially serviced loans and LTV dispersion. As of the January 14, 2005 distribution date, the transaction's aggregate principal balance decreased by approximately 10.4% to $428.3 million from $478.0 million at securitization. The top three loan groups represent 10.2% of the outstanding pool balance. The largest loan group at $19.5 million is the Founders Plaza & Tower 14 Loan, which is secured by two cross-collateralized loans secured by two office properties in East Hartford, CT. Upgrades in Classes B, C, and D were due to increased subordination, the ratings agency said.
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The pending end of the program comes as over half of U.S. states have already ceased accepting new applicants for federal aid aimed to help struggling households with mortgage payments.
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But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
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Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
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In an interview, Candor Technology's Sara Knochel recounts how she applies her childhood interest in languages and numbers to crucial home lending issues.
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Harmonizing standards for liquidity coverage ratios and discount window pledges could prevent the type of strains that led to last year's bank failures, according to a new paper whose authors include former Federal Reserve Govs. Dan Tarullo and Jeremy Stein.
March 27 -
The report seeks to help banks "disrupt rapidly evolving AI-driven fraud," according to Treasury's Nellie Liang. The report found banks have difficulties accounting for AI risks.
March 27