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JPMCC 2006-CB17: Mezz bonds get hammered by $219MM in losses
With the liquidation of REO Bank of America Plaza and other REO loans in the deal, classes B->J got written down, all but class B to 0. At least they got a final interest payment before saying au revoir monde cruel.
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Another liquidation this month (CNL Center 1) led to another $22MM in writedowns, wiping out class B and 8MM of class AJ. And, we still have $110MM in REO. What a great deal ... no wonder JPMC considers themselves as the experts in CMBS!
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