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Posts Tagged ‘Fitch Ratings’

The Week of Oct 31-November 6

-  Warren G. would be proud of the government, as they regulate commercial mortgage modifications.

- The founders of the Related Cos. are forming a new bank and acquiring a seized lender.

-  Is “Extend and Pretend” really a viable option?

- Peter Cooper Village is hurting more than just its owner.

- Are banks not ready for commercial mortgage losses?
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The Week of September 19-25

- Will Britain’s commercial real estate sector be in negative equity until 2017?

- How bad are hotels?  Blackstone just sold one for less than it cost in 1998.

- Fitch ratings has downgraded one CMBS special servicer, while upgrading another.

- From the horses mouth: Tishman calls CRE mess “staggering”

- Will it cost more to stay alive? Life Companies have raised rates to cover CRE losses.

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The Week of August 29- September 4

- This is a green project…….And this is a green project on steroids.

- A Catch-22 for developers: Construction costs are at their lowest points since 1929.

- How does one property cause downgrades in four CMBS traunches?  When it was the biggest deal in history, that’s how.

- What will be the changes to the Fed’s regulatory view of banks?  Here’s a sneak peak.

- You think its rought out there?  Try losing $1.2B in a year. Read the rest of this entry »

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The Week of July 11-17

- A Life Company helped provide a 10 year interest only loan blanketing 8 shopping centers at 55% leverage.

- HUD showed hospitality towards hospitals.

- Companies have filed for bankruptcy, law firms with heavy real estate practices have closed their doors, and now a major brokerage company is shutting down operations.

- Levi Strauss decided it doesn’t have as many holes in its jean company.

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The Week of June 20-26

- Commercial Real Estate mortgage debt stood relatively still at $3.48 billion in the first quarter of 2009.

- Are HARP LTV’s going higher?

- CNC Investments defaulted and could lose 1,272 units in Austin, TX to foreclosure.

- A Georgia bank is auctioning off $100 million worth of troubled assets.
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Why Ratings Agencies Who’ve Failed, Get A Pass

There was a recent article in the NY Times that asked a question most people haven’t had the time to think about, but is a great question nonetheless.  With the entire banking industry, AIG, the government, the auto industry, and the credit card industry all taking a serious blow both financially and in image, one question remains. How have the ratings agencies, who misrepresented the creditworthiness of massive pools of residential and commercial subprime mortgages, which  got our economy into the mess its currently in, escaped similar ridicule, regulation, and oversight? Read the rest of this entry »

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The Week of May 22-29

- The 177-Store anchor Blue Denim chain filed for bankruptcy.

- HUD took action against 120 FHA -approved lenders earlier this week.

- Grubb & Ellis reported Wider Quarterly, and Yearly Losses.

- A new report came out detailing that Manhattan Sales have reached a 25 year low.

- FHA announced it is allowing first time home buyers to sue the much ballyhooed tax credit towards their down payment.

- Fitch Ratings has downgraded First Industrial.

- Giant real estate player Tischman Speyer has announced they will sell some California assets to pay down debt.

- News broke on Tuesday that two more banks have failed.

- Sequoia Equities announced the acquisition of a $75M multifamily luxury apartment complex in Orange County, CA.

- S&K Menswear will be closing all remaining stores in bankruptcy

- A Westin hotel developer accused a local councilman of extortion.

- Sunstone sold a 274-room Marriott.

- Paramount Realty bought a prime retail center.

- Freddie Mac could help out the commercial backed securities market with
K-Certificates.

- LandAmerica sold 6 of its subsidiaries last weekend.

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The following loans are the largest loans in Fitch’s loan delinquency index. The index consists of loans 60 days or more delinquent in addition to those characterized as nonperforming matured loans, in foreclosure, or REO.

Resorts Atlantic City, CSMC 2007-TFL2

The $175 million loan is secured by a 942-room hotel and casino in Atlantic City, NJ. The loan transferred to special servicing in December 2008 due to monetary default. The property has exhibited declining performance since issuance as a result of the overall negative performance of the gaming industry. The special servicer and sponsor continue to discuss workout options.

Macon Mall/Burlington Mall, Wachovia 2005-C20

The $136.7 million loan is secured by two cross-collateralized regional malls in Macon, GA, and Burlington, NC. The Macon Mall is a 1.4 million-square-foot two-level enclosed super regional mall and the Burlington Mall is a 419,194-square-foot one-level enclosed mall. The borrower, Lightstone, indicated it could no longer continue to fund the debt service shortfall. It also agreed to the appointment of a receiver with the ability to sell the properties. The special servicer appointed a receiver to manage the properties and has initiated foreclosure.

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