Two classes of Morgan Stanley Capital I Inc.'s commercial mortgage pass-through certificates, series 1999-LIFE 1, have been downgraded by Fitch Ratings.Class N was downgraded from CC/DR4 to C/DR6, and class M was downgraded from B to B-/DR2. Fitch also upgraded three classes from the transaction and affirmed the ratings on nine other classes. The downgrades were attributed to possible losses from the specially serviced loan, which is secured by a 55,000-square-foot office property in Charlotte, N.C. "The loan was transferred to the special servicer due to imminent default and is now 60+ days delinquent," Fitch reported.
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The five states with the lowest property taxes have an average effective real-estate tax rate of 0.44%.
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Ohio-based Liberty Home Mortgage joins several companies who started using a more modernized FICO credit score for nonconforming mortgage originations recently.
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The CFPB has dissolved the Office of Supervision, Enforcement and Fair Lending and eliminated the job of associate director in a move that impacts how it designates nonbanks for supervision.
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The plan that the Federal Housing Finance Agency floated calls for Freddie Mac to actively invest in some new closed-end seconds as cash-out refinancing subsides.
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The push comes amid what one expert highlighted as lax funding efforts for two Department of Housing and Urban Development grant programs.
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Conventional lending drove volumes higher, particularly in the purchase market, the Mortgage Bankers Association said.
April 17