Class Q of LB-UBS Commercial Mortgage Trust's commercial mortgage pass-through certificates, series 2005-C2, has been downgraded from B3 to Caa1 by Fitch Ratings.The ratings on 22 other classes in the deal were affirmed. The downgrade was attributed to expected losses from four specially serviced loans and to the dispersion of loan-to-value ratios.
The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
