Class C of DLJ Commercial Mortgage Corp.'s mortgage pass-through certificates, series 1999-CG3, has been downgraded from CCC to CC by Fitch Ratings.In addition, the ratings on 16 other classes in the deal were affirmed. The downgrade stems from an increase in the amount of expected losses associated with the five specially serviced loans, Fitch said. The largest loan, a multifamily property in Dallas, is currently real estate owned, and a new property manager is assessing life/safety issues at the property, the rating agency said. The second-largest loan is collateralized by a multifamily property in Memphis and is also REO.
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Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
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A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
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The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
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The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
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The top five producers had an average dollar volume of VA and USDA loans of more than $35 million in 2023.
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The JPMorgan Chase CEO took aim Tuesday at the proposed Basel III endgame rules, hindrances to mergers and bureaucratic burdens. "I would love to have a more productive relationship with regulators, but I think it takes conversation," Dimon said.
April 24