LSI 2010 Real Estate Joint Ventures conference materials.pdf
LSI 2010 Real Estate Joint Ventures conference materials.pdf
LSI 2010 Real Estate Joint Ventures conference materials.pdf
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Tracy B. Edgers of Wells Fargo Bank Speaker 3: 5<br />
30+ day & 60+ day delinquency<br />
(1996-2008 Vintage)<br />
10.00%<br />
9.00%<br />
8.00%<br />
7.00%<br />
6.00%<br />
5.00%<br />
4.00%<br />
3.00%<br />
2.00%<br />
1.00%<br />
0.00%<br />
30+Days Dlq or Specially Serviced %<br />
Nov-00<br />
Mar-01<br />
Jul-01<br />
Nov-01<br />
Mar-02<br />
Jul-02<br />
Nov-02<br />
Mar-03<br />
Jul-03<br />
Nov-03<br />
Mar-04<br />
Jul-04<br />
Nov-04<br />
Mar-05<br />
Jul-05<br />
Nov-05<br />
Mar-06<br />
Jul-06<br />
Nov-06<br />
Mar-07<br />
Jul-07<br />
Nov-07<br />
Mar-08<br />
Jul-08<br />
Nov-08<br />
Mar-09<br />
60+Days Dlq%<br />
Jul-09<br />
Nov-09<br />
8<br />
2009 CMBS recap<br />
The total delinquency rate (incl. 30+ day delinquency and<br />
performing specially serviced loans) increased from 2.2% to<br />
8.9%, a rise of over 650 bps<br />
CMBS ratings went through a major downgrade cycle. In all,<br />
nearly 6,000 classes were downgraded this year, included<br />
192 super-senior classes.<br />
TALF and PPIP programs introduced mid-year in an effort to<br />
spur investment in legacy CMBS and aid the demand for new<br />
issue<br />
At the tail-end of 2009, three new single-borrower CMBS<br />
transactions totaling $1.4 billion came to market and priced<br />
with strong investor demand<br />
9<br />
Law Seminars International | <strong>Real</strong> <strong>Estate</strong> <strong>Joint</strong> <strong>Ventures</strong> and Funds | 02/08/10 in Seattle, WA
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