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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The new Financial Stability Oversight Council report also recommends an expanded Ginnie Mae PTAP facility and an industry-funded liquidity resource.
5h ago -
The publicly traded title holding companies all had stronger earnings as the mortgage market improved from one year prior.
6h ago -
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.
6h ago -
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.
7h ago -
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.
9h ago -
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May 10