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.
-
A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
6h ago -
Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
9h ago -
While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
11h ago -
The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
11h ago -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
11h ago -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
July 11