Five classes of Salomon Brothers Mortgage Securities VII Inc., commercial mortgage pass-through certificates, series 2000-C2, have been downgraded by Moody's Investors Service.The downgrades were as follows: class J, from Ba2 to B3; class K, from Ba3 to Caa1; class L, from B2 to Caa2; class M, from Caa1 to Caa3; and class N, from Caa2 to Ca. In addition, Moody's affirmed the ratings on nine other classes of Salomon mortgage-backed securities. The downgrades were attributed to realized and expected losses from specially serviced loans, loan-to-value ratio dispersion, and interest shortfalls. The certificates are collateralized by 178 mortgage loans secured by commercial and multifamily properties. Nine loans, representing 9.6% of the pool, are in special servicing. Moody's said it has estimated aggregate losses of approximately $22.5 million for all the specially serviced loans. The pool collateral is a mix of office (36.9%), retail (21.6%), industrial and self storage (18.3%), multifamily (11.5%), lodging (1.7%), mixed-use (1.2%), and health care (0.3%) loans, and U.S. government securities (8.5%).
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The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
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The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
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But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
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The top five producers had an average dollar volume of FHA loans of more than $50 million in 2023.
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The tool will provide helpful HELOC-related information to customer support staff to streamline the application process, Figure said Thursday.
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The five states with the lowest property taxes have an average effective real-estate tax rate of 0.44%.
April 18