CMBS

  • Thompson & Knight adds trio of MBS attorneys

    Thompson & Knight adds trio of MBS attorneys

    Thompson & Knight has hired three litigation attorneys, Keith Brandofino, Maximiliano Rinaldi and David Mignardi, to bolster the commercial real estate and loan servicing business in the firm’s New York office. All three attorneys join from Kilpatrick Townsend.

  • UK university halls CMBS payments deferred after student refund

    UK university halls CMBS payments deferred after student refund

    Noteholder payments have been deferred in a tranche of UK CMBS backed by university halls of residence after the accommodation operator refunded student’s their rent, putting the loan sponsor in the position of having to speculate on demand recovery following the coronavirus outbreak which saw universities shuttered.

  • Legislators urge relief for battered CMBS market

    Legislators urge relief for battered CMBS market

    A group of lawmakers led by Texas Republican Van Taylor has sent a letter this week to secretary of the Treasury Steven Mnuchin and chairman of the Federal Reserve Jerome Powell, urging them to address the ‘looming crisis’ in the commercial real estate market, particularly for struggling borrowers saddled with CMBS debt.

  • Hussain defies court order to continue targeting BUMF deals

    Hussain defies court order to continue targeting BUMF deals

    Rizwan Hussain has claimed to be executive chairman of the issuing vehicles in legacy CMBS deals from the Business Mortgage Finance series, despite an order from a judge last July that attempted to stop his associates from representing themselves as officers or trustees of the deals.

  • Basel disappoints with failure to back EBA’s NPL plan

    Basel disappoints with failure to back EBA’s NPL plan

    The Basel Committee has proposed tweaks to its securitization rules to ease non-performing loan sales — but it hasn’t gone as far as market participants would like, and has rowed back from proposals tabled by the European Banking Authority last October, which would have cut capital requirements much further.

  • Thai corp injects £17.5m to shore up UK hotel CMBS

    Thai corp injects £17.5m to shore up UK hotel CMBS

    Thai conglomerate DTGO Corporation has injected £17.5m ($21.72m) of equity for its hotel-backed Magenta CMBS in exchange for default waivers, propping up the deal for the next six months until the Covid-19 pandemic hopefully subsides.

  • Personal bankruptcy reforms could ease NPL sales

    Personal bankruptcy reforms could ease NPL sales

    Reforms to personal bankruptcy regimes in various countries along the lines of the US Chapter 13 code could improve non-performing loan (NPL) markets by boosting transparency and certainty, according to Charles Rusbasan, chief executive of Balbec Capital, which has just raised a new $1.2bn fund to buy NPLs where borrowers are subject to insolvency proceedings, restructuring or other forms of distress.

  • Soaring CMBS delinquencies a preview of pain ahead

    Soaring CMBS delinquencies a preview of pain ahead

    Loans packaged into US commercial mortgage-backed securities (CMBS) delinquent by 30 days or more have quadrupled, according to remittance reports published in May, as the economic devastation of the coronavirus pandemic ripples through the financial system. Market participants fear record levels of distress if borrowers that are now in their grace periods add to the figures in the coming month, writes Max Adams.

  • CMBS issuance flows but pre-pandemic loans worry investors

    CMBS issuance flows but pre-pandemic loans worry investors

    CMBS issuers have come back to market in recent weeks, bringing deals structured to entice investors with features meant to withstand the shocks of the pandemic. But investors say that there are still concerns around adding exposure to commercial mortgages written before the crisis.

  • Servicer walk-out clauses left out of Covid-era ABS docs

    Servicer walk-out clauses left out of Covid-era ABS docs

    New ABS contracts are being written to exclude pandemics from the scope of ‘force majeure’ clauses, inserted to allow servicers to step away from their commitments if events outside of their control – such as the outbreak of Covid-19 – stop them from servicing portfolios.

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