• Pivotfarm
    04/18/2014 - 12:44
    Peering in from the outside or through the looking glass at what’s going down on the other side is always a distortion of reality. We sit here in the west looking at the development, the changes and...

Aaron Bryson

Tyler Durden's picture

December CMBS Remittance Update





All the latest news about the accelerating deterioration in CMBS, courtesy of Barclays' Aaron Bryson.

 


Tyler Durden's picture

Five CMBS Case Studies





Five easy to digest CMBS narratives courtesy of the BarCap CMBS team, which highlight why "extend and pretend" in the commercial real estate arena is doomed to fail, and why the longer the pain is postponed, the greater the ultimate loss to all stakeholders involved. The administration and the Fed are rushing against the value evaporation/debt inflation clock, and losing. The five properties detailed:

Shutters on the Beach & Casa Del Mar

The Belnord

Columbia Center

Schron Industrial

Tustin Legacy

 


Tyler Durden's picture

October CMBS Performance Worsens, Loan Backing Union Square W Hotel To Default Imminently





"Credit performance for CMBS worsened at an accelerated pace this month versus the recent trend. Thirty-plus day delinquencies across the fixed rate universe increased by 41bp, to 5.50%, partly owing to the deterioration of loans that were current but transferred to the special servicer last month. This compares with the trailing three month average of 34bp. The trend of accelerating delinquencies is expected to continue throughout 2009 and early 2010, given the long lag times associated with commercial real estate." - Barclays

 


Leo Kolivakis's picture

OMERS Grants Nomura Six Years Free Rent!





The news in commercial real estate keeps getting grimmer by the day. This crisis will have severe implications for pension funds that are carrying these properties on their books and banks that are exposed to commercial real estate loans. In other words, the commercial real estate crisis isn't over - not by a long shot.

 


Tyler Durden's picture

Charting Too Big To Fail





The recent addition of legacy loans to TALF caused CMBX spreads to turn on the nitrous and rip like all the commercial real estate concerns over the past 6 months have disappeared (especially in the top-most AAA tranche). Between financials, whose stocks have doubled on average, and CMBX (whose spreads have halved), there is, at this point, no doubt as to what lengths the administration is willing to go to funnel every single printed dollar into these otherwise doomed industries.

 


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