Two classes from GMAC Commercial Mortgage Securities Inc. series 1998-C2 have been downgraded by Fitch Ratings. Class L was downgraded from B-minus to CCC/DR1, and class M was downgraded from CC/DR5 to C/DR6. Fitch also affirmed the ratings on 11 other classes in the deal. The downgrades were based on an increase in specially serviced assets and loss expectations, the rating agency said.
The publicly traded title holding companies all had stronger earnings as the mortgage market improved from one year prior.
One in every 37 residential properties nationwide had a loan-to-value ratio of 125% or greater to begin the year, according to a new report.
There's temporary leeway on formal compliance with replacement-cost value requirements in order to sort out insurer concerns with a recent re-emphasis on them.
Max Levchin, CEO of the buy now/pay later lender, said recent tests show young adults prefer interacting with intelligent chatbots over phone-based agents, but the company doesn't foresee major cost savings from generative AI for a few more years.
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The San Diego company was back in the black with a net income of $28.5 million in the first quarter of 2024, up from a net loss of $93 million the previous quarter.
