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National Real Estate Investor January 1, 2005 John B. Levy	High CMBS Volume is Double-Edged Sword Commercial mortgage volume was on a non-stop tear in 2004, much to the surprise of most observers. Early in the year, commercial mortgage players thought that first-half volume would be robust while the second half would be lackluster.
National Real Estate Investor July 1, 2004 John B. Levy	Stability of Spreads Spurs Deals Commercial mortgage players experienced few Maalox moments in May, as spreads on both Treasury rates and interest-rate swaps stayed stable. But the market was awash in loan originations and new securitizations.
National Real Estate Investor September 1, 2004 John B. Levy	Full Throttle Ahead It looks as if the summer doldrums in the commercial-mortgage market have been canceled this year, at least according to the Barron's/John B. Levy & Co. National Mortgage Survey.
National Real Estate Investor September 1, 2005 John B. Levy	CMBS Issuance Hovers in the Stratosphere Just when you thought the commercial real estate market should be taking a well-deserved summer breather, volume has exploded again. Total offerings of $17 billion to $20 billion were expected to come to market in the commercial mortgage-backed securities arena.
National Real Estate Investor January 1, 2006 John B. Levy	Wider Spreads Yield Opportunity Commercial mortgage-backed securities spreads have a habit of tightening early in the New Year, and the smart money seems to be betting on that occurring again in early 2006. But a new CMBS player has emerged, too -- hedge funds.
National Real Estate Investor December 1, 2005 John B. Levy	End to Frothy Underwriting in Sight Specs Commercial-mortgage originators and CMBS buyers continue to grouse about the market's lack of underwriting discipline, but their appetites continue unabated... National Mortgage Survey: Selected CMBS Spreads... Whole Loans...
National Real Estate Investor April 1, 2003 John B. Levy	Yield Spreads Reverse Course In a classic case of having gone "too far, too fast," the yield spreads on commercial mortgage-backed securities (CMBS) returned from the extraordinarily low levels they had briefly reached, according to the Barron's/John B. Levy & Co. National Mortgage Survey.
National Real Estate Investor June 1, 2006 John B. Levy	CMBS Deals Ramp Up After a white-hot pace of issuance in March, new offerings of commercial mortgage-backed securities have practically disappeared, according to a recent survey.
National Real Estate Investor May 1, 2003 John B. Levy	A Go-Go Time for CMBS The war, a lingering recession, a roller-coaster ride on Treasuries and impressive commercial mortgage volume all showed up in March, according to the Barron's/John B. Levy & Co. National Mortgage Survey.
National Real Estate Investor December 1, 2002 John B. Levy	Big Events, Small Impact The market-moving events of Nov. 4-8 left the commercial mortgage-backed securities market surprisingly unimpressed.
National Real Estate Investor March 1, 2003 John B. Levy	Loans in Demand Commercial mortgage whole loans and CMBS bonds are performing extraordinarily well, despite the fact that real estate fundamentals are continuing to deteriorate, especially in the office sector.
National Real Estate Investor July 1, 2005 John B. Levy	CMBS Deal Pipeline Bursting at the Seams The heated competition for new commercial mortgage transactions, mixed with a seeming complacency about risk, has caused some investors some measure of anxiety. With the 10-year Treasury plunging through 4%, borrowers had a new incentive to refinance existing transactions.
National Real Estate Investor July 1, 2006 John B. Levy	Higher Rates to Crimp Borrowing It was the calm before the storm in June -- literally and figuratively -- as the commercial real estate market prepared for an onslaught of securitizations, and coastal areas braced for the start of hurricane season.
National Real Estate Investor March 1, 2005 John B. Levy	Where Have All the Good Loans Gone? Recent underwriting trends in fixed-rate CMBS originations may well lead to higher defaults and losses in the years ahead. Perhaps the most widely discussed issue is the increase in interest-only loans.
National Real Estate Investor April 1, 2005 John B. Levy	Undaunted By Unsettling Trends Retail consolidations, highly leveraged loans, and rock-bottom spreads are having no impact on commercial mortgage lending.
National Real Estate Investor March 1, 2006 John B. Levy	A Shot Across The Bow Investors in loans on commercial real estate -- insurance companies, pension funds and Wall Street firms -- continued competing for business in January, squeezing spreads between interest rates on commercial mortgages and rates on Treasuries.
National Real Estate Investor December 1, 2004	CMBS Issuance On Track for Record Volume in 2004 Issuance of Commercial Mortgage-Backed Securities is Headed for Record Levels... Ripple Effect of Insurer Scandal... Impact of Prepayment Penalties... etc.
National Real Estate Investor June 1, 2005 John B. Levy	Buyers Get Leverage Jitters For a while there, it sure looked to the commercial real estate gang as if leverage had no natural limits. In early May, buyers decided that they had finally had enough, causing bankers and traders to sit up and take notice.
National Real Estate Investor May 1, 2006 John B. Levy	Is the CMBS Party Over? The next few months will show modest volume in CMBS, largely because of a downtrend in sales of income property, most of which trigger fresh financing.
National Real Estate Investor October 1, 2002 John B. Levy	Falling Rates Spark Deals Extraordinarily low Treasury rates and the largest offering of collateralized mortgage-backed securities in more than three years made for a vibrant August. Meanwhile, a new single-asset transaction marketed by Lehman Brothers may help allay buyers' concerns about terrorism insurance.
National Real Estate Investor April 1, 2006 John B. Levy	Big Supply, Tight Spreads A wave of commercial mortgage-backed securities hit the market in early March, following a dearth of issuance in January and February. Despite the volume, spreads over comparable Treasuries narrowed, perhaps reflecting pent-up demand.
National Real Estate Investor October 1, 2005 John B. Levy	New Orleans' Hotel Sector Faces Grim Prospects Investors in commercial mortgage-backed securities are rightly concerned about their New Orleans' holdings because a number of securitizations hold liens on major area hotels, and significant losses could cause losses to the lower investment-grade tranches.
National Real Estate Investor October 1, 2004 John B. Levy	Investor Interest in CMBS Reaches New Heights Nowhere is the surplus of new capital more visible than in CMBS tranches rated double-B --- a highly rated non-investment grade tranche. Investments are coming from individuals, as well as insurance companies, money managers and other institutions
National Real Estate Investor November 1, 2002 John B. Levy	Interest rates in limbo With interest rates at their lowest levels since the Twist was the rage in the early '60s, some real estate developers have accelerated their borrowing while others are hoping for still lower rates.
National Real Estate Investor May 1, 2005 John B. Levy	CMBS Issuance in U.S. Breaks Another Record A general weakness in corporate bond yields, exacerbated by the performance of the auto sector led to sharply wider CMBS spreads. Investors seem reluctant to buy until spreads widen a bit further.
National Real Estate Investor January 1, 2003 John B. Levy	Bustling Market Six separate CMBS offerings totaling more than $6 billion were due in late December... Impact of terrorism insurance legislation on new construction still unclear... Mezzanine debt, secured by the borrower's ownership interest in properties, heats up...
National Real Estate Investor June 1, 2006 Matt Hudgins	Are Borrowers Over-Leveraged? The central question is whether the low capitalization rates generating today's high property values and loan amounts are temporary or will be around for at least the next decade, when those loans will roll over and require new financing.
National Real Estate Investor June 1, 2005 Matt Hudgins	Sounding the Alarm Bell on CMBS Lending The capital pouring into commercial real estate isn't limited to conduit loans, but the industry at large can't afford to ignore changes in CMBS standards because securitization has evolved to influence nearly all commercial real estate lending.
FDIC FYI October 28, 2003	The Changing Paradigm in Commercial Real Estate A transcript of a roundtable discussion with commercial real estate and commercial mortgage-backed securities experts
National Real Estate Investor February 1, 2003 John B. Levy	The Good Times Roll On It was the best of times; the worst of times never showed up in 2002, according to the Barron's/John B. Levy & Co. National Mortgage Survey.
National Real Estate Investor January 1, 2003 H. Lee Murphy	Lenders On Alert Despite the weakening economy and soaring vacancy rates in many property types, loan delinquencies and foreclosures have not risen to the point where lender portfolios are endangered.
National Real Estate Investor May 1, 2006 Matt Hudgins	Year of the Mega Loan Large loans and mushrooming CMBS issuance drove commercial real estate financing levels to an all-time high last year, but lenders say a slowing pace of transactions could temper loan volume as 2006 unfurls.
National Real Estate Investor February 1, 2006 Beth Mattson-Teig	Encore Performance? Mortgage bankers are hoping that 2006 will be a repeat performance of 2005 -- a phenomenal year for commercial and multifamily mortgage originations. But whether those expectations materialize depends largely on interest rates.
National Real Estate Investor February 1, 2005 John B. Levy	High Expectations for CMBS Market We're hard-pressed to envision the commercial real estate crowd being any happier than it was in 2004.
National Real Estate Investor February 1, 2005 Joe Gose	Lenders Draw Up Plays to Land Big Deals Aggressive. Innovative. Creative. Those are all fitting words to describe today's lenders as they stretch underwriting terms in ways that were unheard of just two years ago.
U.S. Banker August 2001 Ted Cornwell	Fears of Defaults Subprime loans are behind the fears. They have not been tested in a declining economy and analysts don't know what to expect.
National Real Estate Investor October 28, 2003	Retail, Office Loan Delinquencies Rise in the Third Quarter Retail loan delinquencies increased sharply, 24%, between the end of the second and third quarters, reports Fitch Ratings. Office loan delinquencies also increased by 27% over the same period.
Commercial Investment Real Estate Sep/Oct 2005 Andrew Stewart	7 Real Estate Finance Myths Unveiled Discover the market factors that really are influencing today's real estate transactions.
National Real Estate Investor December 22, 2003	Torto Wheaton, Moody's Partner to Produce New Real Estate Credit Risk Software Moody's Investors Service and Torto Wheaton Research will team up to develop software analyzing the risk of commercial mortgage whole loan portfolios. The software will help banks, life insurance companies and other holders of whole loans analyze credit risks.
National Real Estate Investor February 1, 2006 John B. Levy	A Broken Record for CMBS Market A staggering amount of income-producing real estate was sold in 2005, and spreads between commercial-mortgage yields and comparable Treasury yields tightened. Here, a panel of experts provides its forecast for CMBS volume and spreads through June 30, 2006.
National Real Estate Investor August 1, 2005 John B. Levy	CMBS Volume Hits Record High Securitizations of commercial mortgages ran at a record volume in June, continuing a pace that has prevailed all year. Monthly offerings totaled $23 billion in the U.S. market.
The Motley Fool April 27, 2010 Dan Caplinger	This Will Bring On the Real Recovery Now, some positive signs in mortgage financing are bolstering the argument that for real estate, the worst is truly over.
Real Estate Portfolio May/Jun 2008 Kemba J. Dunham	Rocky Road The commercial mortgage-backed securities market, after more than 15 years of riding a positive investment wave, swiftly crashed in late 2007. Currently, a recovery has yet to get under way.
National Real Estate Investor October 1, 2002 Kathleen Fitzpatrick	Taking the Floating-Rate Gamble A slow recovery in the U.S. economy has prompted more and more borrowers to bet that interest rates won't be rising anytime soon. And still others, fueled by fears of overall uncertainty, are satisfying their appetites with flexible financing.
National Real Estate Investor September 1, 2004 Nicholas Yulico	Carving Up Investor Risk In the summer of 2001, the commercial mortgage-backed securities (CMBS) market was headed for a record year.
The Motley Fool November 5, 2007 Sham Gad	The 1987 Crash -- a Dress Rehearsal? If mortgages continue to deteriorate at such an accelerating pace, the result could make the October 19, 1987 Black Monday Crash seem like a dress rehearsal.
National Real Estate Investor January 28, 2004 Parke Chapman	CMBS Loan Delinquencies Climb in Fourth Quarter Office and multifamily commercial mortgage-backed security delinquencies continued to climb during the fourth quarter of 2003, reports Fitch Ratings. In fact, total delinquencies increased by $179 million over the third quarter of 2003.
FDIC FYI March 21, 2002	Weak Fundamentals for U.S. Office Markets The U.S. commercial office sector eclipsed a variety of records for speed of decline in 2001. Commercial real estate lenders may experience rising delinquencies in 2002, as office vacancy rates appear likely to increase further...
National Real Estate Investor December 1, 2005 Parke M. Chapman	Weathering The Storm The aftermath of Hurricane Katrina has exposed both the strengths and weaknesses of the commercial mortgage-backed securities (CMBS) market, say industry experts.
Commercial Investment Real Estate Jul/Aug 2003	Ready for the Re Lender restraint helps keep markets stable.