Seven classes of GMAC 2005-C1 commercial mortgage pass-through certificates have been placed on Rating Watch Negative by Fitch Ratings.The affected securities are classes H, J, K, L, M, N, and O. The negative rating actions were attributed to "a significant decline" in the value of the largest specially serviced loan, representing 1.65% of the pool, which is secured by a parking garage in Detroit. The special servicer is in the process of taking title to the asset, Fitch reported.

Subscribe Now

Authoritative analysis and perspective for every segment of the mortgage industry

30-Day Free Trial

Authoritative analysis and perspective for every segment of the mortgage industry