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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Because of rising home values, more transactions have proceeds over the federal tax exemption, especially in California, a CoreLogic study found.
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Texas Capital Bank wants to bring the Administrative Procedures Act into the case, but Ginnie Mae said the legal proceedings are outside its scope.
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Better's home equity loan product can be originated in a week or less, the company says.
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The top five producers had an average dollar loan volume of more than $140 million in 2023.
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The threats to companies loom as borrowers face soaring homeowners insurance costs, ex-Ginnie Mae head Ted Tozer explains.
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After several quarters of slumping investment banking and trading fees, the Charlotte, North Carolina-based company reported a big uptick from that division, which helped compensate for a large decline in net interest income.
April 22