Class J of Credit Suisse First Boston Mortgage Securities Corp. mortgage pass-through certificates, series 1997-C1, has been downgraded from C to D by Fitch Ratings,In addition, the ratings on 10 other classes in the deal were affirmed. Fitch said the downgrade resulted from $5.2 million in losses realized after the liquidation of the Airlines Parking loan, which had been secured by an 8,400-space parking lot in Romulus, Mich. The rating agency said it does not expect the principal loss to be recovered.
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The quasi-public entity's plan to buy certain closed-end seconds would constitute "unnecessary government encroachment," the Structured Finance Association said.
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The mortgage subsidiary of Hilltop Holdings posted another quarterly loss and volume slipped, but management also sees signs of optimism.
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The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
April 18 -
In a Senate hearing, Director Sandra Thompson said a raise to the required income threshold provided to affordable housing was on the table, while housing regulators also faced questions related to property insurance hikes and title insurance waivers.
April 18 -
The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
April 18 -
The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
April 18