Class H of Prudential Securities Secured Financing Corp.'s commercial mortgage pass-through certificates, series 1995-MCF2, has been downgraded from C to D by Fitch Ratings.In addition, the ratings on six other classes in the deal were affirmed. The downgrade was attributed to $3.6 million in losses (out of a total loss of $6.3 million) that were applied to class H at the October distribution. The loss was due to the disposition of the Mountain Creek Manor loan, which was collateralized by a health care property in Chattanooga, Tenn.
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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.
April 24 -
The top five producers had an average dollar volume of VA and USDA loans of more than $35 million in 2023.
April 24