CMBS Sector Shows Expected Signs of Turbulence, Anticipated Plunge Looms
November 21, 2008
Two major commercial MBS deals neared default and yield indexes soared this week, as all signs are pointing to a turn for the worse in the weakening CMBS market. A $209 million loan for Westin hotels in Tucson, AZ, and Hilton Head, SC, was transferred to a special servicer in October “due to imminent default,” Credit Suisse analysts said in a research note Tuesday. In addition...