Commercial Mortgage Backed Securities business and hired a team of senior CMBS
professionals with experience in all aspects of CMBS
Carol Wilkie, director of CMSA-Europe explained: "These Guidelines, although addressing a specific regulatory concern, also go hand-in-hand with other initiatives of the Associations, namely, CMSA's European Investor Reporting Package for CMBS
and the ESF's Standardised Reporting Fields and Definitions for RMBS.
The bedrock of Fitch's new CMBS
model lies in decomposing the credit risk of a CMBS
loan into three significant components and then aggregating them across loans with a simulation model for poolwide credit risk.
In credit markets, the outstanding volume of CMBS
25 billion CMBS
loan could be upsized to $8 billion and will have a two-year initial term with options for three one-year extensions.
Patty Bach, Fitch senior director, explained, "Although recent default rates for construction loans show a close correlation to that of traditional CMBS
loans, Fitch believes a capital constrictive lending environment or a stressed real estate market would precipitate significantly more defaults for construction loans compared to traditional CMBS
Reis CEO Lloyd Lynford added, "The enhanced CMBS
| Deal Analyst report unlocks the power of direct access to Reis's property, transaction, and capital markets databases and forecasts.
Doiron, Vice President CMBS
, Hartford Investment Management Company; and Tad Philipp, Managing Director, Moody's Investors Service.
The development of the new model follows an extensive study of over 32,000 CMBS
fixed-rate conduit loans originated between 1994-2001 (totaling $173 billion) and how they performed through the end of last year.
1 of the CMSA Investor Reporting Package to the CMBS
In addition, there are new and different servicing opportunities as more parties become involved in the CMBS
and commercial real estate loan (CREL) collateralized debt obligation (CDO) arenas.
We are concerned that the reporting responsibilities contemplated by the SEC's proposed rules do not take into account the varied roles of the numerous parties in a CMBS