Two classes from two issues of Morgan Stanley Capital I Inc. commercial mortgage-backed securities pass-through certificates have been downgraded by Fitch Ratings.Class F of series 1997-RR and class F-7 of series 2004-RR were downgraded from BB-minus to B-plus. Fitch also upgraded five classes and affirmed the ratings on four other classes in the two deals. The rating agency attributed the downgrades to the reduced credit quality of the remaining collateral. The deals are collateralized by all or a portion of 21 classes of fixed-rate commercial mortgage-backed securities in 11 separate transactions, Fitch said.
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The new Financial Stability Oversight Council report also recommends an expanded Ginnie Mae PTAP facility and an industry-funded liquidity resource.
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The publicly traded title holding companies all had stronger earnings as the mortgage market improved from one year prior.
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One in every 37 residential properties nationwide had a loan-to-value ratio of 125% or greater to begin the year, according to a new report.
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There's temporary leeway on formal compliance with replacement-cost value requirements in order to sort out insurer concerns with a recent re-emphasis on them.
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Max Levchin, CEO of the buy now/pay later lender, said recent tests show young adults prefer interacting with intelligent chatbots over phone-based agents, but the company doesn't foresee major cost savings from generative AI for a few more years.
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May 10