1 minute readDespite signs of an economic recovery, defaults on commercial mortgages bundled into securities keep reaching new highs. The ever-rising default rates are putting in the spotlight so-called special servicers, companies that represent holders of commercial-mortgage-backed securities (CMBS), when the loans underlying these securities are in default or imminent default. Unlike home mortgages, soured CMBS loans are at the mercy of only a handful of special servicers, including LNR Property Corp., owned by private-equity firm Cerberus Capital Management LP, and CW Capital, majority owned by Canadian pension manager Caisse de depot et placement du Quebec. How these servicers behave significantly impacts a CMBS deal’s cash flow and expected losses to bondholders.
Diana Golobay was a reporter with HousingWire through mid-2010, providing wide-ranging coverage of the U.S. financial crisis. She has since moved onto other roles as a writer and editor.see full bio
Most Popular Articles
Latest Articles
From resilience to antifragility: Rethinking cybersecurity for real estate and mortgage professionals
In information security, we’ve long spoken about resilience. The goal has been to withstand an attack, recover quickly, and return to business as usual. But in today’s environment—where attackers adapt and evolve daily—resilience is no longer enough. We must go further. We must embrace antifragility.
-
From local to global: RE/MAX’s Chris Lim on the next era of real estate relationships
-
Stop marketing like it’s 2008: You’re invisible
-
RE/MAX accelerates real estate innovation with AI and technology
-
Retirement plans for small-business owners have visible generational gaps
-
VA loans rise as housing market shifts toward buyers
Diana Golobay was a reporter with HousingWire through mid-2010, providing wide-ranging coverage of the U.S. financial crisis. She has since moved onto other roles as a writer and editor.see full bio
