Fitch: Katrina May Affect Some CMBS

Published August 31, 2005, 2:00 p.m. EDT

1 Min Read

Fitch Ratings has reported that the impact of Hurricane Katrina may adversely affect certain Fitch-rated commercial mortgage-backed securities deals.The rating agency said it has identified 18 transactions with greater than a 5% property concentration in the area, with concentrations ranging as high as 52%. Fitch said it is especially concerned with the following 12 transactions, which provide limited or no credit support to Fitch-rated classes: ASC 1996-MD6, CALFS 1997-CTL1, CSFB 2004-C2, EPT 2003-EPR, GECMC 2000-1, GMACC 2001-C1, MSCI 2005-XLF, NLFC 1998-1, RMF 1997-1, SLCMT 1997-C1, TIAA 1999-1, and WBCMT 2004-WHL3. Since CMBS borrowers are required to carry property insurance in the United States, Fitch said it expects "minimal losses" because repair costs will ultimately be covered. The rating agency said it has contacted the master servicers of the affected transactions and expects to begin receiving property status reports in the next two weeks. Fitch can be found online at http://www.fitchratings.com.

Processing Content

For reprint and licensing requests for this article, click here.

MORE FROM NATIONAL MORTGAGE NEWS

Secondary markets

Pulte moves give whole loan sellers reason to act on VS4

Lenders may not be able to fully respond to the broader government-sponsored enterprises' rollout of VantageScore 4.0 yet but there is one thing they can do now.

By Bonnie Sinnock
Capital Markets Editor

September 11
Mortgage rates

Rising rates force concessions: reach sideline buyers

Sellers are easing demands as rates hit 15-month highs, giving buyers leverage. Originators: target sideline buyers before next week's Fed hike lifts rates further.

By Brad Finkelstein
Originations Editor

September 11
Originations

Lenders see robust jumbo market despite tightening credit

The decrease in jumbo availability accounted for much of the drop in the latest mortgage credit index, as conforming and government offerings were unchanged.

By Spencer Lee
Technology Reporter

September 11
Inflation

Modest CPI reading gives Fed no clear direction on rates

The consumer price index rose 0.4% last month, in line with July's reading. For a monetary policy committee that has been split on inflation, the inconclusive report will compel the Fed to make a call on whether to raise interest rates or stay put.

By Kyle Campbell
Staff writer

September 11
9/11 Anniversary

Lessons from 9/11: How one NYC community bank rebounded

Abacus Federal Savings Bank in Chinatown scrambled to reopen in the days following the World Trade Center attacks. The exercise resulted in the bank's first disaster-recovery plan.

By Allissa Kline
Reporter

September 11
RMBS

PMT Loan Trust raises $363.6 million in prime RMBS

The current transaction has the largest collateral pool that the platform has issued all year, with 294 loans, and it has the highest percentage of conforming loans, at 45.1%.

By Donna M. Mitchell
Editor

September 10

Load More