The series A City of Indianapolis multifamily revenue bonds (Sunrise Apartments Project) have been downgraded from CCC to C by Fitch Ratings.The $3.3 million in bonds are secured by a first mortgage on the 320-unit Sunrise Apartments project, which is required by state and federal laws to offer 20% of its units to families with incomes at or below 50% of the area's median income. Fitch attributed the downgrade to "the property's weak operating performance, the exhaustion of the series A debt service reserve balance, and the limited availability of refinancing options." The rating agency can be found online at http://www.fitchratings.com.
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Ohio-based Liberty Home Mortgage joins several companies who started using a more modernized FICO credit score for nonconforming mortgage originations recently.
11h ago -
The CFPB has dissolved the Office of Supervision, Enforcement and Fair Lending and eliminated the job of associate director in a move that impacts how it designates nonbanks for supervision.
April 17 -
The plan that the Federal Housing Finance Agency floated calls for Freddie Mac to actively invest in some new closed-end seconds as cash-out refinancing subsides.
April 17 -
The push comes amid what one expert highlighted as lax funding efforts for two Department of Housing and Urban Development grant programs.
April 17 -
Conventional lending drove volumes higher, particularly in the purchase market, the Mortgage Bankers Association said.
April 17 -
Net charge-offs at the Charlotte, North Carolina-based bank increased by more than 80% in the first quarter compared with a year earlier. BofA executives say that the rising losses were in line with the bank's risk appetite.
April 16