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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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
March 28 -
Initial analyses of Home Mortgage Disclosure Act data show UWM ahead in 2023 loan numbers and dollar volume, but Rocket's market share still looks competitive.
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Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
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The pending end of the program comes as over half of U.S. states have already ceased accepting new applicants for federal aid aimed to help struggling households with mortgage payments.
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But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
March 28 -
Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
March 28