Class L of GMAC Commercial Mortgage Securities Inc.'s commercial mortgage pass-through certificates, series 2000-C1, has been downgraded from B-minus to CCC by Fitch Ratings and its Distressed Recovery rating has been lowered from DR2 to DR3.The rating agency also upgraded one class in the deal and affirmed the ratings on 11 other classes. Fitch attributed the downgrade to higher-than-expected losses on two real-estate-owned assets that have been disposed of.
JPMorganChase and Bank of America raised concerns about the proposed removal of risk-weighted assets from the denominator of the short-term wholesale funding component of the GSIB surcharge — changes backed by Goldman Sachs and Morgan Stanley.
House Speaker Mike Johnson, R-La., reportedly plans to send the recently passed housing bill to the White House on Monday, starting a 10-day clock for the president to sign the bill.
The national delinquency rate rose 15 basis points to 3.5% last month due to a calendar anomaly, marking a 4.5% month-over-month incline and 9.4% annual change.
ICE launched a fraud detection tool for underwriters, Newrez partnered with Matic and Rate announced a free home equity monitoring tool this month.
Nearly one-third of states now have official nonbank standards for liquidity, capital and corporate governance that firms over a certain threshold must meet.
KBW now rates UWM as outperform, and BTIG calls the stock a buy, but both cite high leverage levels and industry macro trends depressing its stock price.
