If you want to get something done right, do it yourself.

Impending rules allow sponsors of commercial mortgage bonds to satisfy a requirement to keep “skin in the game” of their deals by selling the risk of first loss to a designated third party. It’s an unusual concession by regulators that recognizes the important role played by so-called “B-piece buyers.”  These investors can use their clout as holders of most subordinate classes of CMBS to reject loans they view as too risky to be used as collateral.

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