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Latest news
Two deals in two months as activity returns for the first time since the Iran war began
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JPMorgan is reducing staff in its commercial mortgage-backed securities group as a result of the bank’s acquisition of Bear Stearns as well as low origination volume.
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Growing numbers of European commercial mortgage-backed securitizations facing loan-to-value covenant breaches are raising the concern of conflict between different classes of investors.
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The growing numbers of serious breaches in European commercial mortgage-backed securitizations due to falling property values have raised the concern of a conflict of interest between different classes of investors.
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A Cohen & Co. fund buying primarily distressed mortgage-backed securities and other commercial and residential mortgage-related products has so far raised about $100 million and likely will grow to between $300-500 million, according to a source with knowledge of the fund.
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Credit Suisse’s Titan Europe 2007-2 transaction has become the second in the series to be hit by a rating action as a result of the poor performance of the underlying assets.
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Secondary market trading in U.S. structured products has been relatively quiet, a reflection of the summertime lull and current market conditions.
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RBS Greenwich Capital has hired Craig Sedmak, the former head of commercial mortgage-backed securities trading at Bear Stearns.
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Barclays’ Indus Eclipse 2007 has become the latest large U.K. commercial mortgage-backed securitization to be threatened with downgrades after one of the underlying loans went into special servicing.
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Spreads on commercial mortgage-backed securities blew out over the past two weeks, widening substantially on concerns over credit quality in recent vintage deals and a general negative sentiment in the market.