Bloomberg CRE Videos: Delinquencies and Impact on GE
December 8, 2009
Jaime Woodwell, vice president of commercial real estate research for the Mortgage Bankers Association, talks with Bloomberg’s Carol Massar and Matt Miller about the commercial real estate market. Delinquencies on commercial mortgage-backed securities rose to a record in the third quarter as unemployment rose and landlords struggled to retain tenants.
Bloomberg’s Greg Miles reports on the outlook for GE Capital’s exposure to the commercial real estate market. The best part of the video is at the end where there is an indication that GE believes that writing down loans and carrying them to maturity are mutually exclusive!
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video #1 – the strip center they show, is on stephanie in henderson, nv. oddly enough, ive visited it looking at comps. henderson, man, that place exploded. im from LA area and i go to vegas pretty frequently and i was always surprised to see how much that area changed and how rapidly.
anyway, delinquenciEs are obviously an issue. im not so concerned about delinquencies as i am about capital availability at maturity. will banks lend again? will values return somewhat so it makes sense for owners to invest more equity? will JV/recapitalizations be the new re-finance? its gonna be interesting.
clip #2 – wow, $6.2 impaired to $1.9 in reserves. if they were an FDIC institution they would have been shut down by now. not a big deal if the govt money doesnt flow their way (yeah, riiight). who knows what theyre thinking.