Two classes of Banc of America Commercial Mortgage Inc. commercial mortgage pass-through certificates, series 2002-PB2, have been downgraded by Moody's Investors Service.Class L was downgraded from Ba2 to Ba3, and class M was downgraded from Ba3 to B1. In addition, Moody's affirmed the ratings on 15 classes in the deal. The downgrades were due to realized and expected losses from specially serviced loans and loan-to-value dispersion, the rating agency said. The certificates are collateralized by 116 loans secured by commercial and multifamily properties. Six loans, representing 3.8% of the pool, are in special servicing, all of which are secured by multifamily or manufactured housing properties, Moody's said. The aggregate losses of all the specially serviced loans total approximately $10.4 million, according to the rating agency. The pool's collateral is a mix of multifamily (30.6%), retail (27.6%), office (18.5%), industrial and self storage (15.7%), ground lease (4.1%), and U.S. government securities (3.5%).
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Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
April 25 -
Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
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Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
April 25 -
Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
April 25 -
Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
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Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
April 25