Three classes of DLJ Commercial Mortgage Corp. commercial mortgage pass-through certificates, series 1999-CG3, have been downgraded by Fitch Ratings.The downgrades were as follows: class B-7, from B to B-minus; class B-8, from B-minus to CC; and class C, from CC to C. In addition, Fitch upgraded seven classes in the deal and affirmed the ratings on seven others. The rating agency attributed the downgrades to increased loss expectations for six specially serviced loans. "Losses are expected to completely deplete the class C and D certificates and significantly reduce the balance of the class B-8 certificates," Fitch said. The rating agency can be found online at http://www.fitchratings.com.
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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 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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April 23