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Latest news
Green securitizations have been prominent in CMBS this year
Rating cut as note pays more interest than planned
Inflation caused by war threatens budding recovery in commercial real estate
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Banks have been avoiding Standard & Poor’s as a source of commercial mortgage-backed securities ratings after Goldman Sachs and Citigroup pulled their $1.5 billion CMBS deal last July because S&P refused to rate the notes.
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A number of bids wanted in competition dominated by commercial mortgage-backed paper surfaced in Europe’s secondary market this week.
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Credit Suisse is arranger and sole bookrunner on a rare U.K. non-conforming residential mortgage-backed issue, Aggregator of Loans Backed by Assets (A.L.B.A.) 2012-1, which surfaced Tuesday morning.
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Morgan Stanley is said to be preparing to offer $1.1 billion in commercial mortgage-backed securities this week.
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Bank of America’s issuance of mortgage-backed securities backed by Ginnie Mae tumbled by nearly half in the fourth quarter compared with the preceding three-month period and was down 71% from a year earlier.
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Only 5% of underwater borrowers—an estimated 500,000 out of 25 million--would be eligible for principal reduction under the $25 billion settlement between the nation’s five largest lenders and government officials, according to the Brookings Institution.
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The Obama administration has expanded the Department of the Treasury’s Home Affordable Modification Program to include real estate investors.
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John Williams, president of the Federal Reserve Bank of San Francisco, says that if the U.S. economy needs additional stimulus, “restarting our program of purchasing mortgage-backed securities would probably be the best course of action.”
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Rep. Kevin Brady (R-Texas) is expected to introduce on March 8 the Sound Dollar Act, which would limit the Federal Reserve’s regulatory power and could restrict the type of mortgage-backed securities the central bank can buy.