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The latest figures to be released on the volume of Home Affordable Modification Program trial and permanent loan modifications show that through the end of November, the number of permanent modifications totals only 31,382 despite a cumulative total of 697,026 trial plans offered to borrowers in the seven months since May. -
Co-Lender Agreements typically provide that any amounts due and payable to the master servicer or special servicer under the Pooling and Servicing Agreement of a CMBS deal with respect to the A/B loan are paid from collections on the A/B loan before the noteholders are entitled to receive payment.
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Although we are still deep in a period of competing global and national priorities, discussions of a U.S. conversion to international financial reporting standards are again picking up -- most recently with the Securities and Exchange Commission's comments that additional clarity on its position will be forthcoming.
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During the heyday of collateralized debt obligations from 2001 to 2007, a large number of bank holding companies issued trust preferred securities to downstream the proceeds into the bank as Tier 1 capital.
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While condo and rental conversions represent only a small segment of CMBS securitized loan collateral, they have, in our opinion, been able to secure more than their fair share of negative headlines.
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Draft legislation recently released by the U.S. Senate Committee on Banking, Housing and Urban Affairs would, like a similar measure circulated in draft form by the U.S. House Committee on Financial Services, mandate retention of economic risk by securitizers, provide for increased disclosure in connection with offerings of asset-backed securities, and permit the Securities and Exchange Commission to increase the periodic reporting requirements for SEC-registered offerings of ABS.
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Real estate as an asset class has been at the heart of the current market turmoil in Western economies, notably in sub-prime and commercial mortgage-backed securities.
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The trustee is central to a vast number of structured finance transactions, whether as note trustee, security trustee or otherwise.
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Due to the diversity and complexity of structured finance assets, structured finance markets have predominantly been characterized by infrequent and opaque trading activity.
