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Almost a month ago, the SEC surprised many people by including a vote on the final Reg AB II rules on its February 5 meeting agenda. In a highly unusual move, the SEC then removed the vote from the meeting agenda on February 3, two days before the vote was to take place. This left many to speculate as to the reason the vote was cancelled and what internal politics were taking place at the SEC. Was the vote not supposed to be on the agenda in the first place?
Continue Reading SEC Reopens Comments Period for Reg AB II

Over the course of three days during the second week of January, a record turn-out of over 1500 industry insiders attended CREFC’s January 2014 Conference at the Fontainebleau Hotel on Miami Beach. On Monday night, over 500 clients found their way to Dechert’s party at the SLS Hotel to celebrate a fantastic 2013 and what most attendees think will be an even better 2014. The record attendance at the Conference and Dechert’s reception demonstrated the feeling among most attendees that the market will continue an upswing through 2014.

Although the highlight for many at the conference was Billy Bean’s standing-room only keynote address, all of the panels and seminars were extremely well attended and offered the usual insightful and entertaining commentary on the state of the industry. It was hard to find many shadows lurking around the general feeling of optimism and exuberance for 2014, but a few general trends did emerge during the conference:
Continue Reading CREFC January 2014 Conference Recap

We have previously written here on CrunchedCredit about Chinese banks lending in the U.S. With recent news that Chinese state-owned developer Greenland Group has agreed to purchase a 70% stake in Brooklyn’s Atlantic Yards development for $725 million, we have seen the first headline grabbing real estate acquisition of U.S. property by a Chinese investor. As the Chinese real estate market begins to cool, and the U.S. continues to be one of the few global real estate bright spots, it is unlikely that Atlantic Yards will be an isolated occurrence.Continue Reading Chinese Developer Makes Large Footprint in U.S.

While we here at CrunchedCredit recognize that many of our readers spend their days deep in commercial lending land, we also like to provide updates for our residential lending friends from time to time (and for our commercial lending friends who like to be able to impress their resi-friends at cocktail parties).

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A bill was recently introduced in the Senate that could result in the wind-down of Fannie Mae and Freddie Mac. Under the bi-partisan “Housing Finance Reform and Taxpayer Protection Act of 2013”, recently introduced by Senators Bob Corker (R-TN) and Mark Warner (D-VA), Fannie Mae and Freddie Mac would be replaced by a new agency, the Federal Mortgage Insurance Corporation (the “FMIC”), tasked with operating a Mortgage Insurance Fund to provide a limited, government-backed guarantee on qualifying, privately issued mortgaged-back securitizations.Continue Reading Dechert OnPoint: Residential Mortgage Securitization Update: GSE Reform Bill

This week, over a thousand industry participants made their way through a rain soaked Manhattan for the start of CREFC’s Annual Conference. The low hum of attendees taking conference calls in corners and tapping messages on iphones provided a constant auditory backdrop to the event and aptly conveyed the velocity of the CMBS industry in 2013. The market is back to work.Continue Reading Stormy Skies Greet Sunny Outlook at CREFC 2013