Prospects for Commercial MBS Continue To Darken as Volume Fades, Defaults Rise
October 2, 2008
With so much public fanfare over the deteriorating residential mortgage market, troubles in commercial real estate may have drawn less attention but are threatening to pose a similar drag on the economy and financial markets. New commercial MBS issuance has slowed dramatically in 2008. Only a meager $6.24 billion in CMBS were issued in the second quarter, a shadow of the $76.14 billion...