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Thursday, October 28, 2021
in-unprecedented-move,-congress-proposes-taxpayer-funded-bailout-of-$550-billion-cmbs-industry

In Unprecedented Move, Congress Proposes Taxpayer-Funded Bailout Of $550 Billion CMBS Industry

Well, with everyone and everything else getting a bailout, may as well go all the way. Two months after we reported that the state of California is trying to turn centuries of finance on its head by allowing businesses to walk away from commercial leases - in other words to make commercial debt non-recourse -…
unprecedented-surge-in-new-cmbs-delinquencies-heralds-commercial-real-estate-disaster

Unprecedented Surge In New CMBS Delinquencies Heralds Commercial Real Estate Disaster

One month ago, we thought that the unprecedented implosion in US commercial real estate in the month of April following the near-uniform economic shutdown following the coronavius pandemic, manifesting in the surge in newly delinquent CMBS loans would be one for the ages, even though as we predicted May would likely be worse as a…
in-unprecedented-move,-two-fund-giants-liquidate-clo-warehouses

In Unprecedented Move, Two Fund Giants Liquidate CLO Warehouses

Yesterday we laid out how the magic of modern monetary alchemy (not to be confused with the blunt brain trauma that is the magic money tree of helicopter money) works, by showing how a CLO takes 96% junk rates loans and by repackaging this portfolio, or "warehousing" it into a CLO, the product were tranched…
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