“Some companies were proactive in addressing these deficiencies in a timely fashion while others' control structures remained problematic,” the MMC said.
A total of $49.55 billion of commercial mortgages were securitized during the first quarter of 2015, virtually unchanged from the fourth quarter of last year, according to a new Inside MBS & ABS analysis. But the private CMBS market recorded a significant increase in new issuance. Non-agency CMBS production climbed 31.3 percent from the fourth quarter to hit $30.91 billion, the second-highest three-month output since the financial crisis shut down new issuance in the second quarter of 2008. Compared to the first quarter of 2014, new issuance was up 74.3 percent. The jump in private CMBS issuance helped offset...[Includes one data chart]
Freddie Mac announced this week that it has securitized more than $100 billion in multifamily mortgages through its K-Deal program, a milestone for the initiative that was launched in 2009. K-Deals were introduced during the financial crisis when the CMBS market collapsed. Freddie created the program to help revive the market, but it had to convince lenders that selling a loan via securitization was better than selling a loan that Freddie would hold in its portfolio. “In 2008, when we first started talking to investors about doing a CMBS-style securitization, some of them thought...