Class J of Mortgage Capital Funding Inc.'s multifamily/commercial mortgage pass-through certificates, series 1997-MC1, has been downgraded from C to D by Fitch Ratings.In addition, the ratings on eight other classes in the transaction were affirmed. The downgrade was attributed to $6.1 million of losses resulting from the liquidation of two loans: a 274-room airport hotel property in Cheektowaga, N.Y., and a retail center in Manchester, Tenn. The rating agency said it does not expect the principal loss to be recovered.
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Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
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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.
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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.
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The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
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The top five producers had an average dollar volume of VA and USDA loans of more than $35 million in 2023.
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The JPMorgan Chase CEO took aim Tuesday at the proposed Basel III endgame rules, hindrances to mergers and bureaucratic burdens. "I would love to have a more productive relationship with regulators, but I think it takes conversation," Dimon said.
April 24