Class B-8 of DLJ Commercial Mortgage Corp. commercial mortgage pass-through certificates, series 2000-CKP1, has been downgraded from C to D by Fitch Ratings. In addition, the ratings on 13 other classes in the deal were affirmed. Fitch said the downgrade was the result of $12.1 million in realized losses due to the disposition of two loans: The Genesis, collateralized by two multifamily properties in Dallas that were real estate owned, and Big Kmart-Chicago, secured by a single-tenant Kmart property in Chicago on which the lease was rejected by the bankrupt retailer. The rating agency can be found on the Web at http://www.fitchratings.com.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
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The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
April 24 -
Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
April 24 -
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.
April 24