The ratings on three classes of Bear Stearns Commercial Mortgage Securities Inc.'s commercial mortgage pass-through certificates, series 2001-TOP2, have been lowered by Standard & Poor's Ratings Services.The downgrades were as follows: class G, from BB-plus to BB; class H, from BB-negative to B-plus; and class J, from B-plus to B. The certificates remain on CreditWatch with negative implications. S&P attributed the downgrades to "pending interest shortfalls due to approximately $565,000 of litigation expenses related to the 1601 McCarthy litigation that will be recovered from the trust beginning with the next payment date in June." Any additional shortfalls related to pending litigation may result in further rating actions, S&P said. The rating agency can be found online at http://www.standardandpoors.com.
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The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
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In a Senate hearing, Director Sandra Thompson said a raise to the required income threshold provided to affordable housing was on the table, while housing regulators also faced questions related to property insurance hikes and title insurance waivers.
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The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
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The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
April 18 -
But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
April 18 -
The top five producers had an average dollar volume of FHA loans of more than $50 million in 2023.
April 18