The long- and short-term issuer default ratings of Citizens Republic Bancorp Inc. and its principal subsidiaries have been downgraded by Fitch Ratings, which cited increased losses and nonperforming loans in its commercial real estate loan portfolio. The company's long-term IDR was downgraded from BBB to BBB-minus, and the short-term IDR was downgraded from F2 to F3. The rating outlook is stable. The downgrades were attributed to a deterioration of asset quality "evidenced by the sharp rise and sheer volume" of nonperforming assets and loan losses. "Credit problems are generally concentrated in the land development, land hold, and construction portions of the commercial real estate loan portfolio, and largely represent loans originated by Republic Bancorp Inc., which CRBC acquired on Dec. 29, 2006," Fitch said.
-
The Federal Housing Administration, the Department of Veterans Affairs and the Federal Housing Finance Agency have started gathering data and analyzing how climate risk will impact the housing ecosystem.
9h ago -
A special committee is exploring any possible structural "strategic alternatives," which would be aimed at increasing shareholder value, the real estate investment trust said.
11h ago -
An insurance-indexed debt-to-income ratio could help mitigate borrowers' rising premiums, and help maintain a healthy servicing portfolio, experts said.
April 22 -
But the number of properties whose mortgage is more than 90 days late is at its lowest since 2006, ICE Mortgage Technology said.
April 22 -
Industry leaders expressed a high degree of satisfaction with technology in use, but also said a product's cost is the most important criteria for them when partnering with vendors, according to Fannie Mae research.
April 22 -
The top five loan officers produced an average of 628 loans in 2023.
April 22