Four classes of Credit Suisse First Boston Mortgage Securities Corp. commercial mortgage pass-through certificates, series 2005-CND1, have been downgraded by Moody's Investors Service.The downgrades were as follows: class B, from Aaa to Aa3; class C, from A2 to Baa1; class D, from Baa3 to Ba1; and class E, from Ba1 to Ba2. Moody's also confirmed the ratings on four other classes in the transaction. The two remaining loans in the pool, the Royal Palm Hotel Loan (54.2%), located in Miami Beach, Fla., and the Hotel 71 Loan (45.8%), located in Chicago, involve properties that had been financed for conversion into condo-hotels. "No condominium units have closed at either property, and both loans were transferred to special servicing for maturity default," Moody's reported. "The special servicer has commenced a foreclosure action against the Hotel 71 property. The borrowers' efforts to sell both properties have to-date been unsuccessful." The rating agency can be found online at http://www.moodys.com.
-
The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
10m ago -
In a Senate hearing, Director Sandra Thompson said a raise to the required income threshold provided to affordable housing was on the table, while housing regulators also faced questions related to property insurance hikes and title insurance waivers.
29m ago -
The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
8h ago -
The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
9h ago -
But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
9h ago -
The top five producers had an average dollar volume of FHA loans of more than $50 million in 2023.
April 18