Alt-A Meltdown
Ratings on Alternative-A securitizations took another pounding this week -- with downgrades hitting classes of deals as far back as 1995. Meanwhile, activity on commercial mortgage-backed securities was mixed.
Best Mortgage Broker
The group representing U.S. mortgage brokers has identified a VA broker as the country's best mortgage broker. Two commercial mortgage wholesalers were also recognized.
CMBS Issuance Sinks, Delinquency Stable
Commercial mortgage-backed securities issuance fell to the lowest level in more than a decade. But the performance of loans backing the securities is holding up.
Alt-A Ratings Crumble
Hundreds of Alternative-A residential mortgage-backed securities were downgraded during the past few days, though some commercial MBS saw positive activity.
Mergers, Losses and Executive Shakeups
Two healthy banks took over three troubled institutions during the past week, with one of the acquirers looking to build a commercial lending powerhouse. Two new chief executives were named, while massive losses have apparently forced out another senior bank executive.
FHA, Commercial Wholesale Business Sought
Wholesale commercial broker programs are becoming more aggressive, while wholesale FHA lenders are becoming more abundant. Other wholesale activity includes the requirement of an IRS form at the outset of the loan process.
KeyCorp Unit Eliminating Employees
A KeyCorp mortgage unit in Texas is eliminating more than 100 commercial servicing employees. But job additions at another location will offset some of the layoffs.
Mixed MBS Ratings Activity
More than 200 classes of Alternative-A residential mortgage-backed securities were downgraded due to deteriorating performance. Commercial MBS ratings, however, were mixed.
Commercial Delinquency Soars at Wells
Quarterly mortgage production and earnings eased from the prior period at Wells Fargo & Co. But delinquent commercial mortgages soared.
