Moody’s and other rating services are optimistic about the near future of the CMBS market, with continuing drops in delinquencies expected. Some sectors are performing worse than others.

The $74 million loss on a commercial MBS conduit loan lines the pockets of investors, like Carl Icahn, who have shorted brick-and-mortar retail.

For now, the market is well served by two to four master servicers. But if any of them exit the market, servicing costs and transaction fees could increase.

A recent district court decision illustrates the importance of the powers ascribed to trustees in governing pooling and servicing agreements when initiating a foreclosure action.

While CMBS issuance was down overall, there were a few pockets of strength in the non-agency sector. Agency multifamily MBS issuance tumbled 16% from the fourth quarter. (Includes two data charts.)

S&P has proposed revisions to its criteria for judging the adequacy of risk-based capital when assessing insurers. The revision would prompt higher capital requirements for certain MBS and ABS held by insurers.

All of the participants in the Fed’s TALF program set up in the early days of the pandemic were so-called opportunistic investors that hadn’t previously been buying AAA-rated deals.

New reports from S&P and Fitch look at how home price appreciation, affordability and housing overvaluation trends, especially in certain geographic markets, might impact residential MBS.

Kroll Bond Rating Agency estimates around 60% of loans maturing through 2023 would be able to refinance without added costs. But the refi prospects for retail properties and lodging are bad.

Commercial mortgage trading is a market that flies under the radar of most residential broker/dealers. RAMS has decided to make the leap.