CMBS

JPMorgan is dipping into its toolbox for a type of financial engineering rarely seen these days: “re-remic,” or a securitization of real-estate mortgage investment conduits.

Goldman Sachs, Morgan Stanley and Bank of American Merrill Lynch are marketing two CMBS conduits totaling nearly $2 billion, according to rating agency reports.

Morgan Stanley and Barclays Bank are marketing $550 million of bonds backed by a mortgage on Merchandise Mart, a 24-story, four million square foot art deco landmark in downtown Chicago.

Late payments on securitized commercial mortgages dipped in August, but there is a growing divide between the performance of loan originated before and after the financial crisis.

The Shops at Crystals is making an appearance in a fourth commercial mortgage securitization.

J.P. Morgan is marketing $235 million of mortgage bonds backed by a single loan collateralized by a portfolio of 63 Value Place extended-stay hotels, according to rating agency reports.

The first offering of commercial mortgage bonds to hit the market post-Labor Day comes from JP Morgan Chase, which is securitizing a $900 million portion of a $1.2 billion loan on an iconic Manhattan office building at 9 West 57th Street.

A wave of maturing commercial mortgages is set to crest next year, and. Kroll Bond Rating Agency reckons that roughly a quarter of these 1,803 loans may have difficulty refinancing, resulting in what is known as a maturity default.

Fitch has taken a slightly dimmer view of Midland Loan Services’ ability to workout distressed commercial mortgages.