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This week, over a thousand industry participants made their way through a rain soaked Manhattan for the start of CREFC’s Annual Conference. The low hum of attendees taking conference calls in corners and tapping messages on iphones provided a constant auditory backdrop to the event and aptly conveyed the velocity of the CMBS industry in 2013. The market is back to work.…
Next week, hundreds of industry participants will make their way to New York for CREFC’s Annual Conference. The conference promises to provide a forum to explore present and future market trends in commercial real estate, as well as an opportunity to gain valuable insight from many leaders in the market as to where we are and where we are headed. With panels such as “Lend-sanity: Competition Between Balance Sheet and Conduit Lenders” and “Borrowers:…
The FDIC’s new rules (promulgated per the requirements of the Dodd-Frank Act) for calculating deposit insurance assessments for insured depository institutions, including “large institutions” and “highly complex institutions,” are set to become effective on April Fool’s Day, 2013. No kidding. As institutions of this type are active investors in CLOs, particularly the “AAA”-rated tranche of CLOs, there has been significant consternation among market participants on the immediate and long-term effect of such…
February has certainly been a big month for federal agencies to issue long-awaited final rules. The latest agency to throw its hat into the ring is the U.S. Department of Housing and Urban Development, which recently codified its long standing position that liability under the Fair Housing Act may be proven by disparate impact without any discriminatory intentions.  This final rule provides additional support to potential government and private plaintiffs seeking to challenge “facially neutral”…
Yesterday, Moody’s issued a Sector Comment expressing concerns with respect to proposed REO-To-Rental deals structured to utilize a collateral package comprised of equity-pledges in the SPV property owners in lieu of individual mortgage liens. Moody’s indicated that such equity-pledge structures may need to have strong third-party oversight (including regular monitoring of the ownership of individual assets) and strong financial sponsorship to achieve the agency’s Baa rating. Issuers were hoping to use such structures as an…
After a night of fun at Dechert’s party at the SLS Hotel, many of us needed a pick-me-up on Tuesday morning. Those of us that dragged ourselves out of bed and into the roundtable discussion on market issues and opportunities were not disappointed. The quick hitting discussion by over two dozen industry insiders, including Crunched Credit’s own Rick Jones, provided no lack of entertainment or insight into the current state of the industry.…
South Beach will welcome over 1200 lenders, borrowers, servicers, lawyers and other service providers to the January 2013 CREFC Conference for another party in the city where the heat is on. The conference kicks off on Monday with a series of forums for agency investors, high yield debt investors, issuers, portfolio lenders, servicers, B-Piece buyers and IG bondholders. The featured speaker Monday afternoon will be David Malpass, the president of Encima Global, an economic research…
As Philadelphians, it’s easy to think that 2012 has been a disappointment.  Our beloved Eagles are 4-9, the Phillies had the most disappointing season in recent history and the Sixers traded last year’s best player for someone who has not yet set foot on the court this season (to avoid any rage from hockey fans, we will omit any discussion of the state of the Flyers).…
One of this year’s most discussed investment ideas is the conversion of distressed or foreclosed single family homes into rental properties on a mass scale.  With the FHFA’s Real Estate Owned Initiative offering product in bulk sales and major institutions stepping up to develop programs to finance the acquisition of the pools, REO-to-Rental strategies are taking shape.  Still, several questions remain as these deals actualize; most importantly among them, what will the Rating Agencies be…