Class M of GMAC Commercial Mortgage Securities Inc. series 2000-C1 has been downgraded from B-minus to CCC by Fitch Ratings and removed from Rating Watch Negative.In addition, the rating on class N was affirmed and removed from Rating Watch Negative, and the ratings on 13 other classes in the deal were affirmed. Fitch attributed the downgrade to expected losses on seven delinquent and specially serviced loans, which will cause a reduction in credit enhancement.
Flatworld Mortgage Solutions says its former vice president breached his employment agreements by soliciting its customers as he formed a rival offshoring firm.
The HomeSafe Second product is now available in more than one third of all states, according to the reverse mortgage specialist.
The Department of Housing and Urban Development agreed to do more to manage due-and-payable obligations contingent on the availability of certain resources.
The ex-housing official is returning to a previous employer with the aim of helping guide the firm through an evolving landscape in federal policy.
A $160 million deal to merge Hometown Financial Group subsidiaries and Primary Bank will lead to consolidation under a single brand name of TruNorth.
The Aspire business reported $2.1 billion of lock volume, up 32% from the first quarter, but total production at the REIT fell to $8 billion from $8.5 billion.
