On The Market

Moody’s Investors Service and Fitch Ratings each sounded the alarm last week on deteriorating underwriting standards for conduit commercial mortgage-backed securities deals. “At the recent CREFC conference investors expressed growing concern about CMBS loan quality that broadly agrees with our thesis that loan quality has slipped to 2005 levels,” Tad Philipp, director of CMBS research at Moody’s, told REFI.

Moody’s found that leverage on conduit deals reached a new high at the end of 2013 and is set to climb even higher this quarter while similar research from Fitch....

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