Fitch Ratings has affirmed its ratings on Pennsylvania Real Estate Investment Trust, Philadelphia, and removed them from Rating Watch Negative.The action followed PREIT's announcement that the Internal Revenue Service has granted its request for retroactive relief, allowing it to elect taxable REIT subsidiary status for a subsidiary company. The failure to make the TRS election had put PREIT at risk of losing its REIT status for the tax years 2001 through 2003. Fitch said it expects the development to "act as a catalyst for management to review the financial systems and controls of the company to avoid future lapses." Fitch can be found online at http://www.fitchratings.com.
-
The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
8h ago -
The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
April 24 -
Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
April 24 -
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.
April 24 -
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.
April 24 -
The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
April 24