The #1 and #3 loans in JPMCC 2008-C2, together accounting for nearly 20% of the deal, are both delinquent 30+ days as of this past Friday.
What do you do if 20% of your deal defaults inside the first 12 months? Do you call it Subprime CMBS?
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1 comment:
The deal sucked from the get-go, and although it is not the worst CMBS deal from the last 24 months, it is way up there (only a hair better than GG10).
It was a TOP story in Bloomberg today, and it bears the blame for today's widening.
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