Class WA of Wachovia Bank Commercial Mortgage Trust commercial mortgage pass-through certificates, series 2006-WHALE 7, has been downgraded from Ba1 to Ba3 by Moody's Investors Service.In addition, Moody's upgraded one class, affirmed the ratings of 12 classes, and placed three classes on review for possible downgrade. The downgrade of the nonpooled class WA, which is secured solely by the Westin Aruba Resort & Spa Loan, was attributed to the poor performance of that loan. Classes BP-1, BP-2, and CM were placed on review for possible downgrade due to declines in property occupancy and net cash flow, the rating agency said. The certificates are collateralized by 14 loans ranging in size from less than 1.0% to 39.8% of the pool balance. The trust has not realized any losses since securitization and no loans are in special servicing.
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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.
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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.
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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.
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The push comes amid what one expert highlighted as lax funding efforts for two Department of Housing and Urban Development grant programs.
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Conventional lending drove volumes higher, particularly in the purchase market, the Mortgage Bankers Association said.
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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.
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