Class M of GMAC Commercial Mortgage Securities Inc.'s mortgage pass-through certificates, series 2000-C1, has been downgraded from CC to C by Fitch Ratings.Fitch also upgraded five classes from the transaction and affirmed the ratings on eight other classes. The downgrade was attributed to expected losses on several specially serviced loans that would hurt credit enhancement levels. Three assets representing 3.2% of the pool are in special servicing and real estate owned, and losses are expected on two of them, the rating agency reported. Additionally, one loan has been transferred into special servicing since the August distribution date. Fitch can be found online at http://www.fitchratings.com.
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Originators increased program offerings for the fifth consecutive month, but overall credit availability remains tight, the Mortgage Bankers Association said.
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Capital Community Bank of Provo has purchased Security Home Mortgage, headquartered in nearby Orem.
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Mike Kortas, CEO of NEXA, alleges he fired his former co-owner, Mat Grella, because he added himself as a "new manager" of the company in a filed amendment to the company's articles of organization.
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Price growth is decelerating but still driving historic home equity gains for owners and widening the gap between the haves and have-nots in housing, ICE finds.
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