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.
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
5h ago -
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.
8h ago