Class N-SO of GCCFC 2004-FL2 has been placed on Rating Watch Negative by Fitch Ratings.The rating agency also affirmed the ratings on 10 other classes in the transaction. Fitch said the action stemmed from concerns about the Southfield Office Center loan, which represents 85.4% of the loan pool. The concerns relate to declining rents at the property and the general conditions in the Southfield, Mich., office market, the rating agency said.
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.
If approved, the deal can provide relief for the approximately 662,000 individuals affected by an incident at the mortgage vendor last November.
Properties outside of the 100-year flood zone exposed to $375 billion to $1 trillion in losses, Moodys reports
DSCR loans once allowed coverage ratios as low as 0.65, but 2023-24 vintage stress is pushing lenders toward stricter underwriting and interest-only structures.
