Two classes of Morgan Stanley 1997-XL1 commercial mortgage-backed certificates have been downgraded by Fitch Ratings.Class G was downgraded from B to B-minus, and class H was downgraded from CC to C. In addition, two classes were upgraded by Fitch and the ratings on five others were affirmed. The downgrades were attributed to a decline in performance at the Westshore Mall property, representing 4.5% of the pool. The property became real estate owned in March 2005, and in August the special servicer applied an appraisal reduction of $7.9 million as a result of a decline in appraised value and accumulated servicer advances, Fitch said. "Upon disposition of the Westshore Mall, Fitch expects realized losses will exceed the balance of class H," the rating agency said.
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While income decreased from the fourth quarter, it accelerated on an annual basis across NVR's building and lending units.
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Many legal experts think the Supreme Court will rule in favor of the Consumer Financial Protection Bureau in a case challenging its funding. Such a ruling would unleash a flurry of litigation that has been on hold pending the outcome of the constitutional challenge.
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Prevention through new building standards and mapping technology aim to keep home insurance rates down but mortgage bankers see challenges.
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The mortgage lender and servicer announced that Ranjit Bhattacharjee, a capital markets veteran, and Kevin Barker, a financial analyst with two decades of experience, have joined its ranks.
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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.
April 23