Six classes of Credit Suisse First Boston Mortgage Securities Corp. commercial mortgage pass-through certificates, series 2007-TFL2, have been placed on Rating Watch Negative by Fitch Ratings. The affected securities were classes BSL-A through BSL-F. The actions were due to the potential default of the Biscayne Landing loan after the borrower missed the required amortization amount of $20 million on Dec. 31, Fitch said. "Considering current market conditions and the lack of available capital, funds may not be available and a default is likely," the rating agency said. "Upon default, the loan could transfer to the special servicer, and fees would likely be incurred by one or more of the BSL classes." The BSL classes are collateralized by the nonpooled senior portions of the Biscayne Landing loan and are subordinate to the pooled senior portion.
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
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Initial analyses of Home Mortgage Disclosure Act data show UWM ahead in 2023 loan numbers and dollar volume, but Rocket's market share still looks competitive.
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Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
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The pending end of the program comes as over half of U.S. states have already ceased accepting new applicants for federal aid aimed to help struggling households with mortgage payments.
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But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
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Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
March 28