The senior unsecured debt of GMAC Commercial Mortgage Bank PLC and GMAC Commercial Mortgage Japan KK has been downgraded from BBB-plus to BBB by Fitch Ratings as part of a broader downgrade of debt issued by General Motors Corp., General Motors Acceptance Corp., and related entities.Fitch also affirmed the corresponding commercial paper ratings at F2, and left the Rating Outlook at Negative. The rating agency attributed the downgrades and outlook to GM's "margin compression," weakness in its truck and car portfolios, and "significant post-employment benefit obligations." But it said GMAC's automotive and mortgage finance operations "have exceeded expectations and are projected to continue to perform well." The rating agency can be found online at http://www.fitchratings.com.
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The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
April 18 -
In a Senate hearing, Director Sandra Thompson said a raise to the required income threshold provided to affordable housing was on the table, while housing regulators also faced questions related to property insurance hikes and title insurance waivers.
April 18 -
The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
April 18 -
The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
April 18 -
But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
April 18 -
The top five producers had an average dollar volume of FHA loans of more than $50 million in 2023.
April 18