Class G of Red Mountain Funding LLC's commercial mortgage pass-through certificates, series 1997-1, has been downgraded from CC to C by Fitch Ratings.Fitch also affirmed the ratings on classes C, D, and E and removed them from Rating Watch Negative. In addition, Fitch affirmed the ratings on three other Red Mountain classes. The rating agency attributed the downgrade to a loss associated with the resolution of the Fairfield pool in December, and the elimination of the Fairfield-related uncertainty resulted in the removal of classes C, D, and E from the watchlist. The largest loan in the pool (27%) is secured by a health care facility in Birmingham, Ala., and Fitch said it "remains concerned" about the fact that health care properties account for 100% of the pool.
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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