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Tuesday, 11 April 2017

Rialto's FDIC Portfolio Reaches Clean-Up Call

Rialto Capital Management, which seven years ago bought stakes in two massive portfolios of troubled commercial and residential loans from the FDIC, has started winding the portfolios down. What originally was $3.05 billion of assets has been whittled down $173 million.

Commercial Real Estate Direct Staff Report

Rialto Capital Management, which seven years ago bought stakes in two massive portfolios of troubled commercial and residential loans from the FDIC, has started winding the portfolios down.

The Miami investment manager, a unit of Lennar Corp., has received notice from its partner, the FDIC, which holds a 60 percent stake in the two portfolios, that it had triggered a so-called clean-up call. That requires Rialto to liquidate what remains in the two, which have a remaining value of some $173 million, within five months. What's left is largely foreclosed properties, which amount to some $116.7 million, and loans with a balance of $32 million.

The two portfolios originally had a principal...





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Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners Domestic, Private-Label CMBS - 2016
Investment Bank #Deals Vol$mln MktShr%
JPMorgan Securities 14.94 10,350.16 15.14
Deutsche Bank 14.21 9,926.60 14.52
Wells Fargo Securities 13.36 9,513.96 13.92
Citigroup 10.87 8,061.79 11.80
Goldman Sachs 10.05 7,563.72 11.07

 

MOODY'S/RCA CPPI

 

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CMBS 2.0 Spreads

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Top CMBS Loan Contributors - 2016
Lender #Loans Vol$mln MktShr%
JPMorgan Chase Bank 133.67 8,670.33 13.34
Goldman Sachs 156.20 7,418.37 11.41
Deutsche Bank 178.17 6,510.75 10.02
Citigroup 184.41 5,512.20 8.48
Morgan Stanley 113.18 4,130.53 6.35

 

 

 

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