Class J of Merrill Lynch Mortgage Investors Inc.'s series 1997-C2 certificates has been downgraded from B-minus to CCC by Fitch Ratings.In addition, Fitch affirmed the ratings on eight other classes in the deal. The rating agency attributed the downgrade to expected losses on nine of the 13 specially serviced loans in the transaction. As of the January distribution date, the pool's aggregate principal balance had paid down 22.3%, from $686.3 million at issuance to $531.9 million. The certificates are collateralized by 125 commercial and multifamily mortgage loans, down from 147 loans at issuance.
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Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
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Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
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Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
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While home lenders are seeing a decrease in issues coming through mobile channels, phone fraud spiked last year, accounting for 28% of losses, a new report found.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
April 24 -
The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
April 24