Criimi Mae, a commercial mortgage real estate investment trust based in Rockville, Md., has received a commitment for a $500 million nonrecourse warehouse facility that it intends to use to finance commercial mortgage originations.The facility is priced at the London interbank offered rate plus 75 basis points, Criimi Mae said. The REIT said it intends to hold the commercial mortgages originated until there is enough volume to securitize them. In addition, the REIT is paying off $293 million of recourse debt with proceeds from the issuance of a nonrecourse senior interest in its BB-plus rated securities, proceeds on the liquidation of hedging instruments, and drawings on a new four-year repurchase facility. Deutsche Bank is purchasing the senior interest and is also providing the two new financing facilities, Criimi Mae said. Criimi Mae can be found online at http://www.criimimaeinc.com.
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Ohio-based Liberty Home Mortgage joins several companies who started using a more modernized FICO credit score for nonconforming mortgage originations recently.
6h ago -
The CFPB has dissolved the Office of Supervision, Enforcement and Fair Lending and eliminated the job of associate director in a move that impacts how it designates nonbanks for supervision.
6h ago -
The plan that the Federal Housing Finance Agency floated calls for Freddie Mac to actively invest in some new closed-end seconds as cash-out refinancing subsides.
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The push comes amid what one expert highlighted as lax funding efforts for two Department of Housing and Urban Development grant programs.
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Conventional lending drove volumes higher, particularly in the purchase market, the Mortgage Bankers Association said.
April 17 -
Net charge-offs at the Charlotte, North Carolina-based bank increased by more than 80% in the first quarter compared with a year earlier. BofA executives say that the rising losses were in line with the bank's risk appetite.
April 16