Fundamental differences between standard commercial mortgage-backed securities pooling and servicing agreements (PSAs) and the U.S. bankruptcy process could be a significant issue in future workouts. The conflict emerged during the bankruptcy proceedings for Extended Stay, a CMBS borrower that filed for Chapter 11 in mid-2009, but was resolved mostly within the guidelines of the deal's PSA. "This issue looms over the entire industry," said Mark Edelstein, chair of Morrison & Foerster's distressed real estate group. "Given the amount of CMBS debt coming due in the next few years, it would not be a surprise to see this coming up again." If....
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May 15, 2012 - Samantha Rowan
Barry LePatner, founder of New York law firm LePatner & Associates, talks about why the construction industry needs to change the way it works.
May 07, 2012 - Samantha Rowan
Steven Marks, a managing director at Fitch Ratings, talks to REFI TV about the the divergence between performance of real estate investment trusts in 24-hour coastal markets, versus inland suburban markets.
May 04, 2012 - Samantha Rowan
Ronald Dickerman, president of New York-based investment manager Madison International Realty, believes many investors are afraid to act given concerns about the U.S. and global economic environment.