Live in Hope…Die in Despair! Will Interest Rates Come Down (Far Enough) This Year?
I sure hope they will. While I’m a member in good standing of the higher-for-longer club, I would love to be convinced that rates are coming down…a
Rick Jones
Crunched Everything is a blog authored by Rick Jones, a recognized practitioner in capital markets and securitization with extensive experience in commercial real estate finance. The blog provides expert commentary and insights on topics such as commercial real estate capital markets, securitization structures, regulatory developments, and economic factors influencing mortgage finance. It reflects Jones's professional perspective, drawing on his leadership roles in industry organizations and his active involvement in policy advisory committees. The content often addresses market trends, risk considerations, and the impact of government fiscal policies on interest rates and capital markets.
Latest from Rick Jones - Page 6
The Golden Turkeys: 2.0
By Rick Jones
Hello, folks. I’m back. From now on, you can follow my musings on that which annoys, amuses and confounds me here in CrunchedEverything. I look forward to continuing to engage with my readership. Please don’t be shy about telling me…
Why Are We So Calm?
By Rick Jones
This is just a short note, with little actual utility, but it’s about something that’s really bothering me.
Why are we so calm? What has anesthetized us?
I’ve had numerous conversations with market-makers in and around our business and many,…
Winter Is Here: Buy a Snow Shovel
By Rick Jones
Winter is surely coming. One might hope it will arrive without the sorcery, murder, mayhem and intrigue of that memorable HBO show, but surely it will be freighted by its own quantum of trauma and anxiety. Actually, what am I…
Welcome to the New Normal – Funny Times Revisited
By Rick Jones
Several weeks ago, I wrote a commentary called Funny Times in which I bemoaned the complete lack of coherent data, making the process of predicting the course of interest rates, cap rates and transactional velocity over the next couple of…
The CRE CLO is Coming Back Soon: Who You Gonna Believe, Me or Your Lying Eyes?
By Rick Jones
I’ve written extensively about the CRE CLO technology for a long time and why it is the best leverage technology across securitization markets. With the sponsor typically holding up to 20% of the bottom of the capital stack, it represents…
Funny Times
By Rick Jones
What funny times in which we live; an observation perhaps highly dependent upon your notion of fun. Maybe curious is the better description. Daunting? Frightening? Opaque and unknowable? All probably good descriptions. True of politics. True of business.
Sticking to…
The CRE CLO Repurposed: Part II
By Rick Jones
I wrote about the disconnect between our CRE CLO technology and the task at hand (finding acceptable lever in an expanding leverage desert) in my last commentary. While the CRE CLO remains the best form of match-term, non-marked-to-market finance for…
Fix the CRE CLO, Mr. Market: Tear Down This Wall!
By Rick Jones
CRE CLO technology is languishing in the toolbox. A combination of high interest rates, a mispriced legacy book, an anxious investor base and no real need to refresh capital until borrowers start borrowing again is largely responsible. When a tool…
Sometimes, It Really Is a Duck: What If Things Are About to Go Bad?
By Rick Jones
Conspiracy theory fans, tin-foil hat wearers everywhere, Nostradamus wannabes, the broadly unhinged and, of course, our professional purveyors of doom and gloom roosting on evening cable news see patterns where there are none, embrace straight-line projections based on disparate and…