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Another CRE securitized structure is reportedly causing losses for its top tier, this one in another country and from a different corner of the real estate market. This matches recent reports that big banks are quietly beginning to sell their seniors in the space. Moreover, US homebuilder activity has plunged to new lows as the crosscurrents in the economy and financing are getting more unfavorable. Eurodollar University's Money & Macro Analysis Bloomberg Pimco Warns of More Regional Bank Failures on Property Pain https://www.bloomberg.com/news/articles/2024-06-11/pimco-warns-of-more-regional-bank-failures-on-commercial-property-pain Bloomberg CMBS Buyers Face First Europe AAA Loss Since Credit Crunch https://www.bloomberg.com/news/articles/2024-06-19/cmbs-buyers-set-for-first-europe-aaa-loss-since-credit-crunch Bloomberg Losses Pile Up in Top-Rated Bonds Backed by Commercial Real Estate Debt https://www.bloomberg.com/news/articles/2024-05-23/cmbs-buyers-suffer-first-loss-on-aaa-debt-since-financial-crisis CREDiQ CRE CLO Distress Rate Widens to 9.74% https://cred-iq.com/blog/2024/06/14/cre-clo-distress-rate-widens-to-9-74/ CREDiQ Loan Modifications Swell 195% in 12 Months https://cred-iq.com/blog/2024/06/21/loan-modifications-swell-195-in-12-months-cred-iq/ https://www.eurodollar.university Twitter: https://twitter.com/JeffSnider_EDU Eurodollar University's Anniversary Webinar: The Fundamentals of Interest Rates over the Next 12 months. Sign up below: https://event.webinarjam.com/channel/rates |