Classes L and M of Lehman Brothers Inc.'s commercial mortgage pass-through certificates, series 2006 CCL-C2, have been placed on Rating Watch Negative by Fitch Ratings. Fitch also affirmed the ratings on seven other classes in the transaction. The negative rating actions were attributed to the transfer of the Charlottesville Portfolio loan to special servicing and the likelihood that associated fees and potential expenses could result in interest shortfalls, as well as the continued lack of sales at some of the condominium conversions. The loan is secured by two former multifamily properties in Charlottesville, Va., that are being converted to condominiums.
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Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
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While home lenders are seeing a decrease in issues coming through mobile channels, phone fraud spiked last year, accounting for 28% of losses, a new report found.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
April 24 -
The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
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Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
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A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
April 24