The Commercial Mortgage Securities Association (CMSA) said today that it strongly supports efforts to strengthen the credit ratings system but it opposes reforms – such as differentiation – that lack substance and undermine commercial real estate capital market recovery. 

The House Financial Services Subcommittee on capital markets is holding a hearing today where it will discuss its recently released discussion draft titled The Enhanced Accountability and Transparency in Credit Rating Agencies Act, which, among other items, includes draft language on differentiation of ratings for structured finance products.

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