As rating agencies tighten up ratings for commercial mortgage-backed securitizations, some deals relying on such funding may not be closed.Risk associated with real estate investment is being underpriced, according to John Kriz, managing director with a Moody's Investors Service group that rates unsecured REIT debt. Speaking at the National Association of Real Estate Investment Trusts' annual convention in New York, he noted, "The glass is less than half empty and draining," adding that it is "worrisome" to see prices in "secondary and tertiary markets being bid up." Mr. Kriz expects some CMBS deals to be repriced and some deals to be scuttled, as part of the signals of caution. There has been a historic move in spreads in the CMBX market, according to Jay Sugarman, chairman & CEO, iStar. He has heard anecdotally about some high profile transactions being impacted. On some transitional multifamily properties proceeds are down 20% as rational underwriters are saying no more, Mr. Sugarman noted.
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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.
April 25 -
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.
April 25 -
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