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Volume 1 - Number 14 | October 28, 2004
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TOP STORY: REMIC Reform Off Table For Now
By Bennett Voyles
Despite inside jokes that the massive Jobs Creation Act of 2004, S. 1637, should have really been called the No Lobbyist Left Behind Act, real estate industry lobbyists did in fact get left behind with their long-sought reform of the restrictive REMIC tax rules, which some lawmakers had called to include in that legislation.
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INSIDER: Wachovia Securities’ Brian Lancaster
By Erika Morphy
A lot of water has passed under the bridge since CMBS forum last spoke with Brian Lancaster, managing director and head of structured finance research at Wachovia Securities. For starters, in that conversation back in April, Lancaster was among the first calling for the revival of the hotel sector—a prognostication, by the way, that was not all that obvious at the time.
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What's Hot, What's Not: B-Note CDOs Make Their Mark
By Erika Morphy
B-Note CDOs: Still. Yes, we reported on this trend in the most recent issue of CMBS forum, but the momentum behind this structure continues to mount, especially considering that only two such deals—by Arch Capital and Capital Trust—have come to market so far.
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Trouble Ahead For CMBS Delinquency Rate?
By Bennett Voyles
While Fitch Ratings Service reported a slight decline in its CMBS delinquency index in September—down from 1.42% at the end of August to 1.29% at the end of September—analysts there indicate that cumulative defaults are likely to increase between now and the end of the year.
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