Two classes of Morgan Stanley Capital I Inc.'s commercial mortgage pass-through certificates, series 1997-XL1, have been downgraded by Fitch Ratings and removed from Rating Watch Negative.Class G was downgraded from BB to B, and class H was downgraded from B-minus to CCC. The rating agency also affirmed the ratings on nine other classes in the deal. Fitch attributed the downgrades to declining operational performance at three of the properties securing the loans: the Grand Kempinski Hotel, Westgate Mall, and Westshore Mall. Fitch can be found online at http://www.fitchratings.com.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
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The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
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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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