commercial real estate

The CMSA has published the text of the testimony by Christopher Hoeffel, from his appearance yesterday before the US House Financial Services Committee.  As noted in my posting earlier this week (link), the Committee is investigating the use of the "covered bond" product as one tool to revive the CRE capital markets (and solve

As most of you are aware, The Pooling and Servicing Agreement (PSA) is the operative document in defining the rights and obligations of the trustee, master servicer, special servicer, and classes of bondholders.  As an overall matter the PSA defines the relationships between the parties to the securitization.  It is an agreement that is hundreds