Four classes of J.P. Morgan Commercial Mortgage Finance Corp. commercial mortgage pass-through certificates, series 2000-C10, have been downgraded by Moody's Investors Service.The downgrades were as follows: class J, from Ba3 to B1; class K, from B2 to B3; class L, from B3 to Caa2; and class M, from Caa1 to Ca. Moody's also upgraded three classes in the deal and affirmed the ratings on seven others. The downgrades were attributed to realized losses, expected losses from five specially serviced loans, and LTV dispersion. (Moody's said 14.7% of the pool has a loan-to-value ratio greater than 100%, compared with 9.1% at last review and 0.6% at securitization.) Eleven loans have been liquidated, resulting in losses of approximately $9.8 million, and Moody's projects aggregate losses of approximately $9.6 million for the specially serviced loans. The certificates are collateralized by 152 mortgage loans in 33 states.
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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.
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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.
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The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
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The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
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But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
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The top five producers had an average dollar volume of FHA loans of more than $50 million in 2023.
April 18