Jersey Mayors, Rabbi's, Stung in Graft Probe -- CMBS Link

We all saw the news stories last week about the New Jersey Mayors and Rabbis being perp walked over their involvement in a huge fraud indictment, but our favorite media circus outlets failed to make the connection to CMBS. The shyster behind all of this was none other than Solomon Dwek, the Rabbi who built a real estate empire with funds directed through religious connections only to blow his wad on horrible investments that would have failed either way, ultimately swindling whatever proceeds he could get his hands on.

If you've just joined us in the CMBS world, you probably haven't heard of him. His cookie crumbled back in 2006 and assets were already being auctioned off by the time the next scandal, Michael B. Smuck (MBS Properties).

All of these have already completed the workout period with a weighted average loss severity of 63%:

Deal Name	Loan Name	Orig. Balance	Loss	Loss Severity
CSFB 2001-CK3	French Quarters Apartments	$ 12,100,000	$ 9,555,744	79.0%
DLJCM 1999-CG1	Becker Village Mall	$ 11,344,000	$10,984,663	96.8%
DLJCM 1999-CG1	Marycrest Shopping Center (3)	$ 7,000,000	$ 3,027,912	43.3%
DLJCM 1999-CG1	Tiffany Square	$ 11,250,000	$ 277,172	2.5%
DLJCM 1999-CG2	211 South Gulph Road	$ 10,850,000	$ 5,732,768	52.8%
DLJCM 1999-CG2	Fashion Outlet Center	$ 8,650,000	$ 7,995,489	92.4%
DLJCM 1999-CG2	Highland Falls Apartments	$ 21,300,000	$16,824,596	79.0%
HFCMC 2000-P1	Mission Centre	$ 5,125,000	$ 820,526	16.0%

Also, pretty certain there is no relation to Joseph Dwek, the legitimate NY-based real estate investor. The thought crossed my mind, but all of his loans are current, which is not how the shyster Dwek does business.