1 minute readIn the all out war raging against the meaningful rebirth of the private-label, mortgage-backed securitization model, the commercial end of the market often looks and acts like the innocent bystander. Even now, more than two years after the 2008 financial crisis, stagnant jobs growth, weak gross domestic product growth and tight commercial financing hampers the recovery of commercial real estate. While the fall from grace of residential mortgage-backed securities took commercial mortgage-backed securities with it, CMBS problems paled by comparison. The fourth quarter numbers are astounding. The Mortgage Bankers Association reports that conduit loans for CMBS saw a 60-fold increase compared to last year’s fourth quarter.
Jacob Gaffney is formerly Editor-in-Chief of HousingWire and HousingWire.com. He previously covered securitization for Reuters and Source Media in London before returning to the United States in 2009. While in Europe for nearly a decade, he covered bank loans and the high yield market, in addition to commercial paper, student loan, auto and credit card space(s).see full bio
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Jacob Gaffney is formerly Editor-in-Chief of HousingWire and HousingWire.com. He previously covered securitization for Reuters and Source Media in London before returning to the United States in 2009. While in Europe for nearly a decade, he covered bank loans and the high yield market, in addition to commercial paper, student loan, auto and credit card space(s).see full bio
