Two classes of COMM commercial mortgage pass-through certificates, series 2000-C1, have been downgraded by Fitch Ratings.Class M was downgraded from CCC/DR1 to C/DR6, and class L was downgraded from B-minus to CCC and assigned a Distressed Recovery rating of DR1. (Distressed Recovery ratings, which designate a transaction's recovery prospects, range from a high of DR1 to a low of DR6.) Fitch also upgraded five classes from the transaction, and the ratings on seven classes were affirmed. The downgrades are the result of increased loss expectations on the specially serviced assets, the rating agency said. Fitch said its projected losses on the specially serviced assets are expected to fully deplete classes N and O and negatively affect classes L and M.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
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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.
April 24 -
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.
April 24 -
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