CMBS investors should think twice before replacing a special servicer

CMBS Special Servicers and Adverse Selection in Commercial Mortgage Markets: Theory and Evidence Abstract. Special servicers play an important role in reducing losses associated with troubled loans. One of these functions involves the administration and disposition of troubled loans.

The current wave of CMBS lending has been referred to as both "CMBS 2.0" and "CMBS 3.0." What distinction do you think people are trying to draw by using CMBS 3.0, and do you think it is justified? CMBS 3.0 was a term that was used by a few originators and others in the securitization community for a very short

Commercial mortgage-backed securities (CMBS) are a type of mortgage-backed security backed by commercial mortgages rather than residential real estate. CMBS tend to be more complex and volatile than residential mortgage-backed securities due to the unique nature of the underlying property assets.

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The Special Servicer is often affiliated with the entity that owns the B-Piece. The Special Servicer has substantial experience in dealing with non-performing loans. Many Special Servicers got their start in the early 1990s buying and servicing defaulted loans from the FDIC and RTC. The Special Servicer generally uses a net present value (NPV.

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That, particularly, has some investors concerned. "Investors are becoming increasingly skittish over potential conflicts between existing CMBS borrowers and the ownership interest in the special servicers," said Stephanie Petosa, managing director of Fitch.

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borrowing entity. These differences, driven by the experience of CMBS investors and special servicers and, in some instances, the bankruptcy of General Growth Properties ( GGP ) 6, add complexity to CMBS 2.0 loan originations. If you n egotiated a CMBS loan for a borrower under

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