Multifamily finance was one of the stars of the CMBS market in the third quarter, with securitization up 75% in the non-agency market and agency production rising 38%. (Includes two data tables.)
Hodgepodge of non-agency MBS; new commercial MBS tied to Rockefeller Center; limit-order option for lenders looking to sell into TBA MBS; Moody’s downgrades MBS issued by IndyMac in 1997.
Morgan Stanley acquired a portion of the failed Signature Bank’s multifamily loans in March. Many of the loans differ in structure from the typical loans that go into commercial MBS.
CMBS collateral saw $842.6 million in new appraisal reduction amounts in the first six months of this year and may double the 2023 total by yearend, putting pressure on recoveries.
RSS