The Mortgage Bankers Association of America (MBA) and the Commercial Mortgage Securities Association (CMSA) have formed a joint CMBS Loan Documentation Integrity Task Force. The new entity plans to address problems arising from incomplete or defective loan files before they have a significant impact on the CMBS industry. Loan file defects could impair the servicers' ability to preserve and protect the underlying collateral in case of loan defaults. In addition, loan sellers could be required to repurchase mortgage loans in cases where incomplete loan files exist.

Bear, Stearns International nabbed a team from Nikko Principal Investments to expand its fixed income and derivatives businesses outside the U.S. Andrew Clapham, a managing director at Nikko and head of its principal investments, joins Bear's London division as a managing director and head of asset-backed finance for Europe and Asia. Joining Clapham from Nikko are Scott Dickens as managing director and Adam Wilton. In addition Stephen Murray a vp from Moody's Investors Service and Rick Watson, a Bear Stearns managing director, join as part of the team. Clapham will spearhead the effort, which will focus on principal business and higher margin agency securitizations.

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