Class M of GMAC Commercial Mortgage Securities Inc. series 1998-C2 has been downgraded from CCC/DR4 to CC/DR4 by Fitch Ratings.Fitch also upgraded one class and affirmed the ratings on 11 other classes in the deal. The downgrade was attributed to an increase in expected losses on the six specially serviced loans. Fitch said it expects the losses to deplete the principal balance of the nonrated class N and significantly affect the principal balance of class M. The largest of the specially serviced loans (representing 0.8% of the pool) is in foreclosure and is secured by a 420-unit multifamily property in West Des Moines, Iowa, Fitch reported. The second-largest (0.2%) is real estate owned and is secured by a 467-pad mobile home property in Saginaw, Mich.
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Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
April 25 -
Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
April 25 -
Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
April 25 -
Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
April 25 -
Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
April 25 -
Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
April 25