Next week, hundreds of industry participants will make their way to our Nation’s capital for CREFC’s Annual Conference. The Conference promises to provide a forum to explore the effect of increasing financial instability in the Eurozone as well as the opportunity to develop important industry initiatives. CREFC’s PSA Task Force will kick things off on … Continue Reading
This article was published by Matthew T. Clark and Stewart McQueen. The 2010 CREFC Annual Convention has begun in earnest. Day 1 began for many attendees with a meeting of the Securities and Loan Investors Forum. This meeting included a lengthy discussion of the Fair Value Purchase Option and a perceived conflict of interest existing when … Continue Reading
Last Friday I moderated a panel at the 11th Annual IMN Real Estate Opportunity and Private Investment Forum in New York. The two-day event consisted of about 40 separate concurrent panels and drew over 800 industry participants. The topics covered revolved around distressed debt investing – loan workouts, exit strategies, tranche warfare and distressed asset … Continue Reading
CMBS 2.0 is coming, we hope (and pray). But boy, it’s taking its good time about it. Putting aside what our friends in Washington may or may not do to the structure of securitization, it’s remarkable to me how shy we in the industry (and its trade organizations) seem to be about putting a stake in the … Continue Reading
Note to File: If you thought about it, when we take something as complicated as a pooling and servicing agreement and then modify it to do a work around changes to GAAP, it’s not going to be pretty. And it’s not. Welcome to the fair value auction. In a CMBS securitization, when a loan defaults, you’d figure … Continue Reading
I’m just about to do another CRE Finance Council (formerly CMSA) PSA after work tutorial. A couple of observations. As a lawyer who packed the sausage casings, it is startling to see how much uncertainty and, in fact, misinformation exists about how a PSA actually works in the community of people who buy and sell bonds and other financial assets. Perhaps not … Continue Reading
