CMBS late-pays fell 14 basis points (bps) last month to 8.48% from 8.62% in June. Helping to drive the downward movement were two large loan modifications. In July, the $305 million Schron Industrial Portfolio (GCCFC 2007-GG9) and the $210 million Savoy Park (CSMC 2007-C1) were both modified.
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Lots of bad things this month; large loan mods, large loan losses, lots more transfers to special both big and small. AJs are totally fucked; e.g. the Savoy Park AJ lost two thirds of its interest.
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