ZeroHedge took a close look at five failing CMBS loans, and clearly laid out their reasoning and loss expectations.
I'd be curious to see them draw a more distinct line between the fundamental analysis and valuation of the actual bonds. Things feel a little rich now, but I still feel like there are some good values in 2006 and later vintages at some points in the capital stack.
The Belnord stuck out as one of the rent-control flips. Here is an abbreviated list from a BOA report that lists some more big ones. The actual report had several pages more - it'd be interesting to see where those all stood today.