Fitch Ratings has downgraded the special servicer rating of Criimi Mae, Rockville, Md., from CSS2-plus to CSS3-plus and its primary servicer rating from CPS2 to CPS2-minus, while affirming its master servicer rating at CMS3.The rating agency said the primary servicer rating downgrade reflects Criimi Mae's "decreased emphasis" on this business line, while the special servicer rating downgrade takes into account new management at the mortgage real estate investment trust, and high employee turnover. Although Fitch regards the new management team as "well experienced," the rating agency said it believes that "the direction and leadership of the company has been significantly altered, essentially creating a new company" that has not yet established itself. In addition, Fitch said employee turnover at Criimi Mae for the 12-month period ending April 2004 was at 50%, with 47% of this occurring "above the administrative level." This rate is "well above" that for other servicers rated by Fitch, the rating agency said. Fitch rates commercial mortgage servicers on a scale of 1 to 4, with 1 being the highest rating. It can be found online at http://www.fitchratings.com.
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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 -
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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