I regret to inform you, my loyal readers and particularly those who regularly take the time to send me notes telling me I’m being ridiculous or agreeing with my dyspeptic bloviations, that CrunchedCredit is retired. I very much enjoyed writing
Crunched Credit
Legal Commentary on the Commercial Real Estate Debt Market
Why Are We So Calm?
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? …
Winter Is Here: Buy a Snow Shovel
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
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?
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
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
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!
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?
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…
Opportunities in a Time of Broken Banks
Well, it’s been an interesting week and a bit. First Silicon Valley Bank and Signature Bank were closed by their respective State banking authorities with the FDIC stepping in as receiver and then the extraordinary action by the Fed and Treasury…