Two classes of GMAC Commercial Mortgage Securities Inc.'s mortgage pass-through certificates, series 2000-C1, have been downgraded by Fitch Ratings.Class M was downgraded from CCC to CC, and class N was downgraded from CC to D. Fitch also affirmed the ratings on 13 other classes in the transaction. The downgrades were attributed to expected losses on several specially serviced loans. Six loans are in special servicing, including four that are 90 days delinquent and one that is real estate owned. Fitch can be found online at http://www.fitchratings.com.
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While home lenders are seeing a decrease in issues coming through mobile channels, phone fraud spiked last year, accounting for 28% of losses, a new report found.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
April 24 -
The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
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Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
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A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
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The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
April 24