Commercial MBS


Moody’s: Struggling Malls Pose Outsized Risk to CMBS

In a report published Thursday, Moody’s Investors Service spelled out how the systemic threat of troubled shopping mall loans within CMBS portfolios is a growing cause of concern among investors – and the need for greater awareness of the signs pointing to a mall’s hopes (or otherwise) at long-term viability.

New Plan Would Let FHLBs Accept Expanded Collateral

The Federal Housing Finance Agency is seeking to make it easier for Federal Home Loan Banks to accept certain kinds of collateral, including commercial real estate loans, for advances.

CMBS Investors Concerned About Aggressive Servicing

Commercial mortgage bond investors are concerned that special servicers are being overly aggressive in taking charge of loans that fail to pay off at maturity; Fitch Ratings says the evidence is inconclusive.

Why Risk Retention Rules May Give Big Banks the Edge in CMBS

The first commercial mortgage-backed security to comply with "skin in the game" requirements was extremely well received. Market participants credit the way the large banks sponsoring the deal retained the risk – a strategy unavailable to nonbank lenders.

Macy’s Store Closings to Hit $3.64B of CMBS

Macy’s decision to shutter another 100 of its department stores could impair some $3.64 billion of securitized commercial mortgages, according to Morningstar Credit Ratings.



Reg AB II Returns from Limbo

Regulation AB governs registration, reporting and disclosure requirements for all things asset-backed. The Securities and Exchange Commission appears to be ready to update it significantly, but, nearly four years after changes were originally proposed, it’s not clear exactly what the Commission will do.

Finra Files Proposal to Disseminate Price Data

The proposal would introduce dissemination of trade prices for securities ranging from highly liquid credit card and auto ABS to smaller and more esoteric deals in asset classes such as time shares, to commercial mortgage-backed securities (CMBS) and highly structured CDOs and collateralized loan obligations.

Editor's Letter

As July came to a close, it was clear to everyone at ASR that the structured finance market was not about to take a vacation.

People on the Move

DFG Taps Goldman Vet, Barclays Bulks Up on CMBS, Ares Adds Jeffrey Kramer and the ASF Retains Mike Williams as Policy Adviser

Silver Lining

Could higher yields end up deepening the investor base for asset-backeds?


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States Joining Ranks of Student Loan Cherry Pickers

State student loan authorities sense a business opportunity helping graduates who are gainfully employed lower their payments. Their low-cost funding could put them in competition with banks and marketplace lenders.

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