Class E of GMAC Commercial Mortgage Securities Inc. variable-rate mortgage pass-through certificates, series 2000-FL-A, has been downgraded from Aaa to Aa1 by Moody's Investors Service and placed on review for further possible downgrade.Class E is insured by American International Specialty Lines Insurance Co., whose insurance financial strength rating was recently downgraded by Moody's from Aaa to Aa1. The rating action followed AIG's announcement on March 30 that it would delay the filing of its 2004 Form 10-K with the Securities and Exchange Commission in order to complete an extensive financial review. In placing the class E rating on review for possible further downgrade, Moody's cited continuing uncertainty about AIG concerning the scope of regulatory investigations, internal reviews, and financial restatements or adjustments. The rating agency can be found online at http://www.moodys.com.
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
March 28 -
Initial analyses of Home Mortgage Disclosure Act data show UWM ahead in 2023 loan numbers and dollar volume, but Rocket's market share still looks competitive.
March 28 -
Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
March 28 -
The pending end of the program comes as over half of U.S. states have already ceased accepting new applicants for federal aid aimed to help struggling households with mortgage payments.
March 28 -
But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
March 28 -
Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
March 28