Latest news
Latest news
Rating cut as note pays more interest than planned
Inflation caused by war threatens budding recovery in commercial real estate
The rise of the European master trust and the CLO market nears shut down
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One of Europe’s largest ever securitisations, the €4.46bn outstanding German multi-family GRAND CMBS, is a step closer to being restructured after the six largest noteholders agreed on a plan. The remaining creditors are set to be filled in on the details on Wednesday.
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It was a quiet week, especially in the U.S. as the July 4 holiday fell smack in the middle of it. Deal flow was limited, but there was plenty to talk about with the growing LIBOR scandal in London and, in California, municipalities making a play on underwater mortgages. -
An initiative being considered in several municipalities in San Bernardino County, Calif., proposing that local governments may seize mortgages through the laws of eminent domain in order to help underwater borrowers to refinance sets a dangerous precedent, market players say.
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A property underpinning the busted German commercial real estate loan Mozart, securitized in ABN Amro’s EUR1.82 billion ($2.24 billion) Talisman 7 commercial mortgage-backed securities trade, has been sold this week.
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July is set to be another difficult month for CMBS, as many of the €2.5bn of maturing loans are expected to be extended, and the prospects for primary supply wane.
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An initiative being considered in several municipalities in San Bernardino County, Calif., proposing that local governments may seize mortgages through the laws of eminent domain in order to help underwater borrowers to refinance sets a dangerous precedent, market players say.
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Some investors in London are undisturbed by the prospect of Europe’s securitization market shifting from an AAA to a AA market.
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The stalled Deco 6-U.K. commercial mortgage-backed securitization is facing principal losses on its class B, C and D notes later this year, due to falling values and insufficient income in the remaining two loans securitized in the trade.
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Most special servicers of U.S. commercial mortgage-backed securities have improved transparency, crediting in part the use of the CRE Finance Council investor reporting package modification template for disclosing fees and modification terms, according to Fitch Ratings.
