Class B-3TB of DLJ Mortgage Acceptance Corp. commercial mortgage pass-through certificates, series 1997-CF2, has been downgraded from Ba1 to B1 by Moody's Investors Service.In addition, one other class in the series was upgraded and the ratings on seven others were affirmed or confirmed, the rating agency reported. Moody's attributed the downgrade to a decline in property performance and estimated losses of $27.2 million on specially serviced loans. Moody's can be found online at http://www.moodys.com.
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Flatworld Mortgage Solutions says its former vice president breached his employment agreements by soliciting its customers as he formed a rival offshoring firm.
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The HomeSafe Second product is now available in more than one third of all states, according to the reverse mortgage specialist.
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The ex-housing official is returning to a previous employer with the aim of helping guide the firm through an evolving landscape in federal policy.
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The Aspire business reported $2.1 billion of lock volume, up 32% from the first quarter, but total production at the REIT fell to $8 billion from $8.5 billion.
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