Classes H-1 and H-2 of Criimi Mae Commercial Mortgage Trust series 1998-C1 have been downgraded from B to B-minus by Standard & Poor's Ratings Services, Criimi Mae has reported.The company said S&P has also upgraded eight classes of the series and affirmed the ratings on two classes. Criimi Mae can be found online at http://www.criimimaeinc.com.
Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
While home lenders are seeing a decrease in issues coming through mobile channels, phone fraud spiked last year, accounting for 28% of losses, a new report found.
The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
