Class O of GMAC Commercial Mortgage Securities Inc.'s mortgage pass-through certificates, series 2001-C1, has been downgraded from CCC to CC by Fitch Ratings.In addition, Fitch affirmed the ratings on 16 other classes in the transaction. The downgrade was attributed to expected losses from specially serviced loans that would reduce the credit enhancement level of the class. Four loans representing 2.9% of the transaction are currently in special servicing, with losses projected on three. The largest is a 375-unit multifamily property in Mesquite, Texas, that is real estate owned.
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
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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