Six classes of J.P. Morgan Chase Commercial Mortgage Securities Corp. commercial mortgage pass-through certificates, series 2004-CIBC8, have been downgraded by Moody's Investors Service.The downgrades were as follows: class J, from Ba1 to Ba2; class K, from Ba2 to Ba3; class L, from Ba3 to B2; class M, from B1 to B3; class N, from B2 to Caa2; and class P, from B3 to Caa3. Moody's also affirmed the ratings of 14 classes from the same transaction. The rating agency attributed the downgrades to potential losses from the $25.6 million specially serviced loan, Parkwoods Apartments, secured by a 30-year old, 824-unit multifamily property in Dallas. "The property is 60% leased and suffers from extensive deferred maintenance and building code violations," Moody's said, estimating a $10 million loss for the loan. The rating agency can be found online at http://www.moodys.com.
-
The new Financial Stability Oversight Council report also recommends an expanded Ginnie Mae PTAP facility and an industry-funded liquidity resource.
3h ago -
The publicly traded title holding companies all had stronger earnings as the mortgage market improved from one year prior.
4h ago -
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.
5h ago -
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.
5h ago -
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.
7h ago -
Test your knowledge of the biggest mortgage headlines of the week. No. 2 pencil not required!
May 10