tag:blogger.com,1999:blog-7693451999817479352.post5862604309765341464..comments2023-10-22T17:43:54.334-04:00Comments on The CRE Review: Innkeepers reach tentative deal with Cerberus and Chathamcrabsofsteelhttp://www.blogger.com/profile/13395961726023130183noreply@blogger.comBlogger8125tag:blogger.com,1999:blog-7693451999817479352.post-42631721031995849092011-10-25T10:32:35.668-04:002011-10-25T10:32:35.668-04:00If their research guy is going to coming out with ...If their research guy is going to coming out with loss estimates which are 25% too low, they are doing you a favor. But since they seem to be poor at everything they do, it was just as likely an IT mixup.crabsofsteelhttps://www.blogger.com/profile/13395961726023130183noreply@blogger.comtag:blogger.com,1999:blog-7693451999817479352.post-82109174282242476482011-10-23T11:49:54.648-04:002011-10-23T11:49:54.648-04:00Really? I got dropped from their research - I gues...Really? I got dropped from their research - I guess we don't do enough business with them... I can't imagine dropping a customer that does business with all of my competitors without asking myself what I might be doing wrong.<br /><br />The CMBS analysts at all three shops above are BOA/ML alums - Nomura (former BOA), Barclays (former ML, short-term BAML post-merger), and the current BAML.Concrete Junglehttps://www.blogger.com/profile/11836938255282346931noreply@blogger.comtag:blogger.com,1999:blog-7693451999817479352.post-85465212056584643242011-10-20T09:52:54.068-04:002011-10-20T09:52:54.068-04:00B of A true to form just came out with an 18% loss...B of A true to form just came out with an 18% loss estimate. Not only that, they pulled all the legacy research, making sure that everything they make available is wrong. Has anyone ever succeeded in getting on their servicing site more than a couple of times?crabsofsteelhttps://www.blogger.com/profile/13395961726023130183noreply@blogger.comtag:blogger.com,1999:blog-7693451999817479352.post-73262352465898558452011-10-19T15:43:11.722-04:002011-10-19T15:43:11.722-04:00which, is in line with the above comments.which, is in line with the above comments.Concrete Junglehttps://www.blogger.com/profile/11836938255282346931noreply@blogger.comtag:blogger.com,1999:blog-7693451999817479352.post-11347741585966194632011-10-19T15:42:49.796-04:002011-10-19T15:42:49.796-04:00Barclays just came out with a 25% loss severity - ...Barclays just came out with a 25% loss severity - 18% from principal + $45mm in advances + 15.2mm in ASERs...Concrete Junglehttps://www.blogger.com/profile/11836938255282346931noreply@blogger.comtag:blogger.com,1999:blog-7693451999817479352.post-54870536468020068952011-10-15T15:46:52.077-04:002011-10-15T15:46:52.077-04:0023 + 7 in two deals = 60 so tack on another 4%.23 + 7 in two deals = 60 so tack on another 4%.crabsofsteelhttps://www.blogger.com/profile/13395961726023130183noreply@blogger.comtag:blogger.com,1999:blog-7693451999817479352.post-236728009027059882011-10-15T15:04:09.168-04:002011-10-15T15:04:09.168-04:00I assumed she was taking that into account - the l...I assumed she was taking that into account - the loan is $825.4mm, buyout is for $1bln-ish. If not it would increase the loss severity about 4% points ($23mm advanced + $7mm ASER) to 22%.Dark Spacehttps://www.blogger.com/profile/13613854488437471493noreply@blogger.comtag:blogger.com,1999:blog-7693451999817479352.post-75636084867322199892011-10-15T11:26:35.433-04:002011-10-15T11:26:35.433-04:0018% is not too shabby but understated due to advan...18% is not too shabby but understated due to advances and ASER.crabsofsteelhttps://www.blogger.com/profile/13395961726023130183noreply@blogger.com