Moody's knocked down a few bonds that are not expected to recover interest shortfalls as a result of the special servicing fees being charged on the assets.
The Specials took different approaches on different loans. For instance, on Ala Moana, the special is charging no fees, and all interest shortfalls have already been recovered.
Northridge Fashion Center (GSMS 2001-GL3A) and Park Place (WBCMT 2005-C14), on the other hand, both have 1% work-out fees being charged by the special - for the rest of the loans now extended life. Obviously this will cause a nonrecoverable interest shortfall on junior bonds - in this case the rake legs.
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