Big increases in securitization of office-property and industrial mortgages lifted non-agency CMBS issuance to $21.9 billion in the first quarter, a 68.6% increase from the prior period. (Includes two data tables.)

Ginnie seeing strong demand from foreign investors; non-QM demand particularly strong in MBS market; McCargo lands at Federal Home Loan Bank of San Francisco; CMBS downgraded.

KBRA found that new multifamily construction could increase risks for MBS concentrated in certain cities.

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.)

Losses on conduit commercial MBS declined by 25% on an annual basis in 2023. However, loss severities remained elevated and delinquencies are rising.

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.

Some analysts argue that, with traditional lenders shying away from the CRE sector, CMBS financing stands to gain market share.