Three 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 and placed on review for possible further downgrade.In addition, the ratings on five other classes -- classes A-2, A-X-1, A-X-3, A-Y, and B -- have been placed on review for possible downgrade, and the rating on one other class was affirmed. The downgrades were as follows: class C, from Aa2 to A2; class D, from A2 to Baa3; and class E, from A2 to Ba1. The certificates are collateralized by three senior participation interests. The negative rating actions were attributed to a foreclosure action initiated by the holder of the Hotel 71 mezzanine loan (an affiliate of Oaktree Capital Management LLC) and a Chapter 11 bankruptcy filing by the Hotel 71 mezzanine borrower. In addition, the Royal Palm Hotel Loan is in default, the rating agency said. Moody's can be found online at http://www.moodys.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 -
Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
April 25 -
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