Fitch Ratings has outlined its procedure for evaluating a natural disaster's implications for U.S. commercial mortgage-backed securities, a procedure that it says "shines the spotlight" especially on the master servicer.After a disaster such as Hurricane Dennis, Fitch's CMBS Performance Analytics Group polls master servicers of Fitch-rated transactions to identify deals and loans that may be affected, according to Fitch director Britt Johnson. "Typically, master servicers rely on the Federal Emergency Management Agency's website to identify affected areas and will contact borrowers and property managers directly to determine what damage those properties may have suffered and if the natural disaster may impact the borrower's ability to pay debt service in a timely manner," the Fitch analyst said. The findings are summarized and provided to Fitch, and properties sustaining damage above a certain threshold are included on the master servicers' monthly watchlist reports, the rating agency said. "The master servicers' information helps to identify the exposure within a transaction, with special attention paid to larger loans and any concentrations of affected loans," Fitch explained. The rating agency can be found online at http://www.fitchratings.com.
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A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
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Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
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While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
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The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
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Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
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The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
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