Congress, White House Reach Deal on Terrorism Insurance That Should Calm CMBS Market
October 25, 2002
The Bush administration reached an agreement in principle with Congress to set up a temporary federal backstop for terrorism insurance, a top priority of the commercial MBS and real estate industries for the last year. Although CMBS issuance has remained fairly strong this year, the lack of terrorism insurance has slowed transaction activity involving high-profile income-producing properties. Fitch Ratings this summer placed