Class I of Credit Suisse First Boston Mortgage Securities Corp.'s commercial mortgage pass-through certificates, series 1998-C2, has been downgraded from B-minus to CCC/DR3 by Fitch Ratings.In addition, Fitch upgraded two classes and affirmed the ratings on six other classes in the deal. The downgrade was attributed to expected losses on two specially serviced assets.
If approved, the deal can provide relief for the approximately 662,000 individuals affected by an incident at the mortgage vendor last November.
Properties outside of the 100-year flood zone exposed to $375 billion to $1 trillion in losses, Moodys reports
DSCR loans once allowed coverage ratios as low as 0.65, but 2023-24 vintage stress is pushing lenders toward stricter underwriting and interest-only structures.
The Consumer Financial Protection Bureau is overhauling its consumer complaint portal after receiving 6.6 million complaints last year, more than double the 3.2 million in 2024, citing abuse by credit repair firms and social media influencers.
The Federal Deposit Insurance Corp. issued proposals Thursday that would reduce planning requirements for big banks and slash deposit insurance prices, citing the financial health of the Deposit Insurance Fund.
