Recent consolidation in the telecommunications industry has broadcast and wireless tower collateral seeking out commercial mortgage-backed securities issuers for financing, a trend that requires an unconventional approach when assessing this type of collateral, according to Fitch Ratings.Each tower pool has unique characteristics related to tower type, use and ownership interest, which, according to Wit Solberg, a director at Fitch Ratings, "negates the standard loan-to-value and debt service coverage ratio sizing approaches common in CMBS transactions." Fitch said, "The emergence of satellite and cable television has, on the surface, rendered broadcast towers more susceptible to technological obsolescence." But the rating agency also noted that, "although broadcast towers appear to be an outdated or declining medium for television and radio content distribution, 20% of the U.S. audience still receives television content over the air. Compelling regulatory, economic and technical arguments also indicate long-term stability of this business." Fitch can be found online at http://www.fitchratings.com.
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A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
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Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
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The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
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Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
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The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
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