Monday, July 16, 2012

Skyline Appraisal Wrong... Again. *CORRECTION*

 The appraisal was correct this most recent time - the Trustee just didn't know about it and told Nom Nom the value must be wrong. Nom Nom posted a correction this afternoon, and also noted that

The discrepancy between the various reports, as well as the miscommunication between the master servicer and special servicer, highlights a major issue facing CMBS market participants. We encourage further efforts to improve in-place reporting and communication to limit data errors of this nature.

Nomura noted in a research report today that the servicer submitted the wrong value in the remittance report for the appraisal on Skyline Portfolio (GECMC 2007-C1, JPMCC 2007-LDPX), for the second time. Actually, they go on to say that at one point they changed the first wrong value to the original appraised value (also wrong), so it's been wrong at least twice!

Kind of makes wonder what other kinds of mistakes are being made...

Nomura also noted their target loss severity is at 32% on the loan now, and they're looking for an A/B modification.

1 comment:

crabsofsteel said...

Once the appraisal reduction kicks in, say next month, bacm 2007-1 amfl stops cashflowing and becomes a zombie. Hats off to the savvy investor who sold their 40% share in the 1st quarter of this year.