Fitch Ratings has announced the formation of a new rating group for U.S. commercial real estate CDOs, which it termed an increasingly popular asset class.The group will be led by managing director Jenny Story. Jill Zelter, managing director of collateralized debt obligations at Fitch, said CRE CDO issuance rose over 100% in the first quarter and average deal size more than doubled. The market includes CDOs backed by commercial mortgage-backed security collateral, commercial real estate loans, and CMBS Re-REMICs, the rating agency said. Fitch can be found on the Web at http://www.fitchratings.com.
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McCargo stabilized the agency at a crucial time as she helped navigate it through both a pandemic and subsequent dramatic interest-rate cycle change.
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The quasi-public entity's plan to buy certain closed-end seconds would constitute "unnecessary government encroachment," the Structured Finance Association said.
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The mortgage subsidiary of Hilltop Holdings posted another quarterly loss and volume slipped, but management also sees signs of optimism.
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The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
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In a Senate hearing, Director Sandra Thompson said a raise to the required income threshold provided to affordable housing was on the table, while housing regulators also faced questions related to property insurance hikes and title insurance waivers.
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The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
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