Bridger has started making Conduit loans again. First?
Fitch was out this morning with an update on CRE CDOs - delinquencies are just at 12%! I would've guessed much higher. Maybe should revisit some of those bid lists that keep getting dismissed.
Extended Stay examiner, "earned" $4mm, or 10% of the original senior note. What a great job. The new structure looks like it will be a $1.8bln senior, 775mm second, 471mm preferred stock going to the senior mortgage holders... Mezz and preferred stock holders are getting 10% of the new common.
ZeroHedge puts some more CMBS loan updates up. Full disclosure, the loss severities are extremely low (lower than historical averages even in good times) and the information is from the servicer comments and is a little dated (some of the information is almost 2 years old). Still interesting to some people based on the comments on ZH.
Zell has been on the horn all week now that his new fund is getting fat. CRE will recover before employment does is the message.