Not sure if you heard, but delinquencies are up:
The hotel delinquency rate grew the most in January, to 9.82%, followed by retail loans, which make up 30% of the total outstanding balance and 40% of last month's new delinquent loans. On a percentage basis, the month-to-month change in the delinquency rate--which now sits at 5.24%--was bigger for retail than the hotel sector.
Markit added additional volatility, er, I mean, they added a new tranche to the CMBX index to represent a basket of AM bonds.
DDR is no longer pursuing a second CMBS deal, instead raising $304mm in new equity (equity is cheaper and easier than senior mortgage debt).
It's disturbing no matter how you twist it - reality, photoshopped, reality, photoshopped...
3 comments:
There was also interesting news about Stuy Town. They figured out how to let the deed-in-lieu go through.
Didn't see it...
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