Class G of COMM 2002-FL6 commercial mortgage pass-through certificates has been downgraded from A-minus to BBB-plus by Fitch Ratings.The rating agency also affirmed the ratings on eight other classes in the transaction. Fitch attributed the downgrade to decreased occupancy and lower base rent at the 500 West Monroe office building in Chicago, which represents 78.8% of the collateral pool.
The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
