Three classes of GE Capital Commercial Mortgage Corp. commercial mortgage pass-through certificates have been downgraded by Fitch Ratings. The downgrades were as follows: class H, from B-plus to B; class I, from B-minus to CCC/DR2; and class J, from C/DR5 to C/DR6. Fitch also affirmed the ratings on eight other classes in the transaction. The downgrades were attributed to increased loss expectations on a specially serviced loan and potential future defaults. The specially serviced asset is collateralized by a 292-unit multifamily property in Dallas that is in foreclosure, the rating agency said.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
7h ago -
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.
April 24 -
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 -
The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
April 24 -
The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
April 24