The collapse of commercial real estate during the 2008 financial crisis wasn’t the result of poor underwriting by lenders, but due to a widespread misperception of risk, according to a new Fed paper.
Ginnie to increase reporting requirements on defaults, loss mitigation; Fitch prepares to rate commercial PACE securitizations; loans for hotels near Disney World head into commercial MBS; FHA extends waiver tied to Ginnie multifamily MBS.
The agency single-family MBS market is the main driver of structured finance issuance, but it recorded a decline in first-quarter production while ABS, commercial MBS and non-agency RMBS posted gains. (Includes three data tables.)
Great Ajax received a loan from Rithm Capital and moved to have Rithm serve as external manager of the REIT. Rithm plans to have Great Ajax invest in commercial mortgages.
The Supreme Court ruled in favor of a former research strategist at UBS in a whistleblower protection case under the Sarbanes-Oxley Act. The ruling has an impact on employee protections well beyond UBS.
An appeals court in Minnesota upheld a practice in the commercial MBS market allowing for the creation of litigation reserve accounts. Junior investors in a 2007 issuance from Wachovia challenged the practice.
Securitization of retail-property loans and hotel mortgages saw volume gains in the fourth quarter, but non-agency CMBS issuance was down 46.3% in 2023. Agency multifamily MBS held up slightly better, recording a 38.0% decline from 2022. (Includes two data tables.)