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’Try, try, again at the Talf
The New York Federal Reserve has released the January subscription details for its Talf programme — the Fed’s effort to help jump-start the securitisation market.
All in all, the Fed accepted 46 bonds for the January legacy CMBS portion of its Talf programme,
Some CMBS datapoints
Titan Europe 2006-3 — part of a CMBS deal put together by Credit Suisse — has been mentioned on FT Alphaville before.
The deal pooled commercial properties in France, Germany, the Netherlands, Belgium and Luxembourg,
Talf gaffe at the Fed
Whoops. Here’s something FT Alphaville missed last week.
A major mea culpa from the Federal Reserve on the legacy CMBS portion of its Talf programme.
From the Fed Reserve Bank of New York:
The New York Fed continuously reviews the stress value estimates and recently identified and corrected a methodological error.
Delinquent CMBS, the `C’ stands for climbing
Behold, what looks to be the biggest monthly increase in delinquent CMBS in 2009 (so far).
Realpoint has released its CMBS delinquency report for November 2009.
With the exception of June 2009,
US CMBS delinquencies hit 4.5 per cent, Moody’s says
Moody’s published the results of its latest CMBS “delinquency tracker” on Thursday and, as usual, they made for less-than-cheery reading.
The rating agency said the aggregate rate of delinquencies among US CMBS conduit and fusion loans stood at 4.47 per cent as at the end of November,
CMBS by the book
Poor Borders (UK).
Beloved by book-buyers and Oxford Street procrastinators everywhere — but not, it seems, enough to keep it in business.
The bookseller announced it was going into administration last week,
CMBS investors have thin(ner) skins in the game
Look who’s happy!
WASHINGTON-November 19, 2009-Commercial Mortgage Securities Association today applauds Reps. John Adler (D-NJ), John Campbell (R-CA), Dennis Moore (D-KS) and Gary Miller (R-CA) for working on an amendment offered by Reps.
All roads lead to retranching in CRE crunch
Restructuring. Re-tranching. Re-remics. Repeat?
FDIC, the regulator in charge of insuring US bank deposits, has given banks the ability to restructure commercial real estate (CRE) loans to creditworthy borrowers,
New-issue CMBSuccess under the Talf
Here’s something which hasn’t happened before.
The New York Fed received requests for federal loans to purchase new-issue CMBS in its latest Talf subscription:
This is likely down to the CMBS deal mentioned last week,
The not-so-small small bank CRE problem
Last week, the Federal Reserve Bank of Atlanta president Dennis Lockhart spoke of a `feedback loop’ between US commercial real estate, regional banks and unemployment — something so acute it could derail the country’s economic recovery.
Talf-tastic CMBS
Ta-dah! Behold the first new CMBS deal in over a year:
(From Structured Finance News, click to enlarge)
`DDR’ is Developers Diversified Realty Corp., an Ohio-based shopping mall Real Estate Investment Trust (Reit).
Commercial real estate – work it out!
They are here! US commercial real estate loan workouts!
And they’ve already garnered their fair share of criticism. To start with though, here’s the basic idea from the FDIC and the Fed:
The regulators have found that prudent CRE loan workouts are often in the best interest of the financial institution and the borrower.
Talf gaffe
Here’s your latest dose of Fed Talf CMBS-buying mystery.
The Fed accepted 81 of the legacy CMBS bonds submitted in the latest (Oct. 21) Talf subscription, and rejected five — an acceptance rate of 94 per cent.
Regulators looking at banks’ coverage ratios, BarCap says
Remember the issue of declining coverage ratios at European and US banks?
Coverage ratios are essentially loan loss reserves (provisions for bad debt) divided by non-performing loans, and they declined in the second-quarter for European banks and the third-quarter for US banks,
Ballooning CMBS payments
Via HousingWire, an RBS chart which aptly demonstrates the upcoming refinancing need for (US) commercial mortgage-backed securities:
Talking Talf on commercial real estate
October 16, via Structured Finance News:
Researchers at Barclays Capital (BarCap) expect the October facility date for a government loan program to receive an uptick of requests over the last subscription date.
Peeking into Wells Fargo’s pandora’s box of commercial real estate
This is our last recorded call. Wells Fargo has always been committed to providing clear, complete, and transparent communication about the company’s results to all of its stakeholders. As we enter the second year of the merger with Wachovia,
That carpe diem (property) rally
JP Morgan property analysts Harm Meijer and Osmaan Malik give good notes, and their latest piece of research is no exception.
The two are now even more convinced that UK property values are recovering,
All aboard the commercial real estate bailout train
It’s not as prominent as some other bailouts — but it is gaining steam.
To wit, here’s a bit from the Wednesday Congressional testimony of Sheila Bair, chairwoman of the Federal Deposit Insurance Corporation,
The return of the commercial mortgage backed security
The moribund market for CMBS may be coming back to life, according to a Bloomberg story on Friday. The headline on the piece is “Goldman Sachs seeks to restart commercial-backed bond sales.” Really, it should have been “Goldman,
Presenting the segmented commercial real estate crash
Lo and behold — the commercial real estate market crash in nuanced detail.
FT Alphaville journeyed to the offices of CB Richard Ellis, the CRE specialist and special servicer to the CMBS stars, on your behalf,
US consumers still not feeling confident. Housing data suggest why.
The data coming out of the US housing and mortgage market are, at best, mixed.
The Case/Schiller house price numbers for July, for instance, paint a relatively positive picture – at least on a second derivative basis.
CMBStress resumes
And now a return to your normal programming — the ever-increasing amount of commercial mortgage-backed securities in delinquency…
July’s reduction in delinquent CMBS — the first monthly decrease since August 2008 — looks to have been a blip if Realpoint’s latest report on the sector is anything to go by.
The Talf that keeps on taking (CMBS)
Last month we wrote that the Federal Reserve appeared to be becoming more selective when choosing legacy CMBS for its Talf programme.
Scratch that.
The Fed accepted all of the 59 bonds that applied for the programme in its latest round of subscriptions.
The pandora’s box of Wells Fargo and commercial real estate
As part of FT Alphaville’s ongoing reporting on commercial real estate, and because we’re always up for a challenge, we posed a series of questions to Wells Fargo on the topic.
Wells, primarily through its acquisition of Wachovia,
US real estate markets still weak, data show
A slew of data released on Monday suggest US commercial and residential markets are still in the throes of dysfunction.
Reuters – citing data ‘obtained exclusively’ from Equifax, the credit bureau – reported US mortgage delinquencies hit a record in August (emphasis ours):
European property groups in debt trap
European commercial property owners face a wave of complex debt refinancings and restructurings that pose a threat to the sector, according to bankers and industry groups. The representatives highlighted their concerns,