The ratings on four classes of COMM 2001-FL4's commercial mortgage pass-through certificates have been lowered by Standard & Poor's Ratings Services.The downgrades were as follows: class D, from BBB to BB-plus; class E, from BB to BB-minus; class K-PS, from B-plus to B; and class L-PS, from B to B-minus. At the same time, S&P raised its ratings on two other classes and affirmed the ratings on six other classes from the same transaction. S&P said the downgrades reflect "the continued stress" experienced by 100 Pine Street, a San Francisco office building securing a $118 million mortgage, $82 million of which is in the pool. S&P can be found online at http://www.standardandpoors.com.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
April 24 -
The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
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Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
April 24 -
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.
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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.
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The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
April 24