Losses are rising for U.S. commercial mortgage-backed securities, a trend that is likely to continue as a result of loan seasoning and growing CMBS volume, according to Fitch Ratings' latest CMBS Loss Study.However, Fitch also reported that delinquencies for CMBS declined from 1.20% in April to a new low of 1.13% in May, the sharpest drop in a year. Regarding CMBS losses, the rating agency said loss severities have remained stable, rising only slightly from 40.1% in 2003 to 40.8% in 2004. "Historically, severities have remained close to 40%, and Fitch does not expect this to change," said Britt Johnson, a Fitch director. Meanwhile, delinquencies declined among all properties in May. The largest decline of 9.77% occurred in hotels and was attributable to 11 trust liquidations of real estate owned, Fitch reported. Fitch can be found online at http://www.fitchratings.com.
-
Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
9h ago -
Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
9h ago -
Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
10h ago -
Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
11h ago -
Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
April 25 -
Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
April 25