CMBS

Hudson City Bancorp—one of the largest buyers of correspondent loans in the New York/New Jersey area—plans to sell more of its production into the secondary market going forward.

There’s leverage, and then there’s leverage, according to a recent Moody’s Investors Service commercial mortgage-backed securities report.

The CRE Finance Council Europe (CREFC-Europe) launched the Market Principles for Issuing European CMBS 2.0, a consultative document that outlines principles for new CMBS issuance.

Global CMBS issuance is at $26.2 billion year-to-date, according to Dealogic numbers released late last week.

The September expiration date for the Small Business Administration's (SBA) secondary market program for the first lien position means that first mortgages will no longer be eligible for a government guarantee.

Walker & Dunlop will be opening its twelfth national office in Madison, WI, making it the second location in the state. Michael Lee and Matthew Lund will be vice presidents in the new office and will focus on the financing of all types of income-producing properties.

Goldman Sachs is planning to sell a CMBS called GS Mortgage Securities Corp.Trust 2012. The transaction is backed by a single, non-recourse, first lien mortgage that has an original principal balance of $625 million.

In their Securitization Weekly Overview, Bank of America Merrill Lynch analysts highlighted the “unusual” co-existence of the risk-on and risk-off trades that has emerged this year.

The lowering of CMBS tenant credit that started in April has continued to worsen with the Standard & Poor’s downgrade of J.C. Penney, according to the rating agency’s structured finance credit review emailed this morning. S&P said that the weighted average tenant rating is now close to ‘BB-‘.

The Royal Bank of Scotland (RBS) did a comparative analysis of the CMBS 3.0 super senior bonds and CLO 2.0 ‘AAA’ spreads to find where the similarities are in terms of relative value.