February 2013

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The headlines tell the story of the current state of CMBS and CRE defaults here and abroad. “Watch out for CMBS Re-Defaults” trumpets Real Estate Finance Intelligence. Financial News announces “Break Time Over as CMBS Bounce Back on Wall St.” “Cumulative CMBS Defaults Up but Slowed by New Issuances” states a headline in DSNews.com. The Wall Street Journal informs that “CMBS Issuance Marks Largest Ever New-Year Kickoff.” Some predict that CMBS 2.0 will include improved structures to deal with problems not contemplated during the boom years and champion more conservative underwriting. Other fear that as securitization volumes rise and investors become increasingly desperate for yields, underwriting and collateral standards will fall. (more…)