The City of Indianapolis multifamily revenue bonds (Sunrise Apartment Project) have been downgraded from C to D by Fitch Ratings.The rating agency said the downgrade is based on the bond payment default as of the December 2003 distribution, reflecting the inability of the property to generate sufficient cash flow to service its principal and interest obligations. The bonds are secured by a mortgage loan on a 320-unit multifamily property in Indianapolis.
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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.
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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.
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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.
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But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
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Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
8h ago