by Moe Bedard
Deteriorating commercial property markets are putting commercial mortgage-backed securities to their first critical structural test. Failing it could keep financing tight and property values suppressed for years.
Since the 1990s, the CMBS practice has successfully financed commercial landlords by selling their loans to investors. But the engineers behind CMBS never contemplated that a bad recession, high [...]
Read the full article →
by Moe Bedard
As the commercial real estate market heated up earlier in the decade and lenders competed feverishly to issue ever-riskier mortgages, hundreds of bankers, investors, lawyers, brokers, appraisers, accountants and analysts flocked to an investors’ conference in Florida each January to celebrate their good fortune with lavish beach parties featuring bikini-clad models and popular entertainers.
But in [...]
Read the full article →