Aggressive Underwriting Will Lead to CMBS Defaults

U.S commercial mortgage backed securitization will suffer 15% greater defaults on the 2007 vintage loans, according to research by Fitch Ratings.

  • 02 Apr 2007

--Cathy Cunningham

U.S commercial mortgage backed securitization will suffer 15% greater defaults on the 2007 vintage loans, according to research by Fitch Ratings. The CMBS lending market’s momentum has resulted in negative underwriting practices, but subprime downturn should caution investors about the dangers of mixing aggressive underwriting with reliance ...

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GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Bank of America Merrill Lynch (BAML) 3,136 9 13.58
2 Citi 2,562 6 11.09
3 Goldman Sachs 2,150 3 9.31
4 Credit Suisse 1,822 6 7.89
5 Societe Generale 1,814 4 7.86

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1 Citi 41,255.30 117 12.99%
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5 Credit Suisse 16,754.47 44 5.28%