PLACE YOUR BETS ON THE CMBS MARKET
Transactions have slowed, and CMBS is taking aparticularly hard hit. Despite this, a majority of our pollrespondents (69%) believe CMBS is merely sleeping and will wake oneday. Far fewer (19%) believe CMBS is dead, and even fewer than that(12%) say CMBS is dying. Jon Mikula, senior managing director ofHolliday Fenoglio Fowler, LP, is in the majority. Here are histhoughts:
"Nothing's going on. So far this year, there have been aboutfour pools that have been out for securitization, and they totalabout $5 to 6 billion. To our knowledge, none of the loans in thosepools were originated in 2008, they were all 2007 transactions. Toput it all in perspective, in 2007, there were about $230 billionin loans that were securitized or originated.
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